Is a sole proprietorship a small business?

A sole proprietorship is basically a type of a business structure. There is an at least one owner that runs the business who is fully responsible for the trade’s liabilities. In most cases, a sole proprietorship is indeed small since medium or large companies (companies that have decent profits) tend to form LLCs for tax reasons as well as for legal reasons (to avoid having responsibility of the company’s debt in case something goes wrong).