Proprietorship
/prəˈpraɪətərʃɪp/
Definition 1 of 2
Pro Tip 1/3Business Control
Proprietorship implies complete control over a business, usually by one person. 
He enjoyed full proprietorship over his bakery, making all the decisions.
Pro Tip 2/3Financial Responsibility
The proprietor is personally liable for all business debts and obligations. 
Under her proprietorship, she was responsible for the shop's loans.
Pro Tip 3/3Unique Entity
In a sole proprietorship, the business is not separate from the owner. 
His proprietorship meant there was no legal distinction between him and his enterprise.