Definition, Meaning & Synonyms
unincorporated business
Noun
ˌənˈinkərpəˌrātəd ˈbɪznɪs
Definition
A business that is not legally recognized as a separate entity from its owners.
Examples
- Many freelancers operate as unincorporated businesses.
- As an unincorporated business, you report profits on your personal tax return.
Meaning
An unincorporated business operates without formal registration as a corporation and does not have the same legal protections that incorporated entities have, but it can be simpler and less costly to establish.
Synonyms
- Sole proprietorship
- Partnership
- Informal business
