Different types of entities lenders may encounter: Sole Proprietors

4 minute read
12 January 2023

A sole proprietor is at the opposite end of the spectrum from a corporation. It's the term given to an individual who runs a business in their own personal name or unincorporated business style without using any other vehicle to do so. 

In this video we discuss:

  • Personal liability
  • Entering into contracts without additional authorization
  • Importance of confirming the legal name
  • Desirability of a witness

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How we can help

If you have any specific questions about the points discussed or it's specific application, please reach out to our Banking & Finance Group or Matthijs van Gaalen.

About the series

Every now and again, a banker may encounter an unfamiliar legal entity. Even with more common entities such as corporations, partnerships, and individuals, the legal considerations may not be always top-of-mind for bankers. In this series, we'll address some of the essential legal considerations for various types of entities that participate in financing transactions. 

NOT LEGAL ADVICE. Information made available on this website in any form is for information purposes only. It is not, and should not be taken as, legal advice. You should not rely on, or take or fail to take any action based upon this information. Never disregard professional legal advice or delay in seeking legal advice because of something you have read on this website. Gowling WLG professionals will be pleased to discuss resolutions to specific legal concerns you may have.