Although sole proprietors do not pay any special taxes, as the owner of the business you are also an employee of the business, which requires you to pay all the debts of the company.
"An individual, a business, or a limited liability partnership can all own and manage a sole proprietorship. The company doesn't have any partners. A sole proprietorship has the following legal standing, it is not a different legal entity from the proprietor of the business."
All profits belong to the individual proprietor. The solo proprietor is responsible for taking on all risks.
The business is completely and unconditionally under the sole proprietor's control.
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