What is sole definition?

Sole is a commonly used term that generally refers to an individual or entity that is the exclusive owner or beneficiary of something. This term can be applied to a range of situations and items, including businesses, legal rights, assets, and properties. The adjective "sole" implies exclusivity, singularity, and sole proprietorship or ownership. Sole ownership often comes with certain advantages and disadvantages, including increased control and responsibility, tax obligations, and limited liability. In business, "sole proprietorship" is a legal structure that often refers to a single-person owned and operated business that makes them personally liable for the business's actions and debts. Overall, the term "sole" is a critical concept in various areas of law, finance, and entrepreneurship.