Sole Proprietorship
Réussis tes devoirs et examens dès maintenant avec Quizwiz!
Sole Proprietor Taxes
Because you and your business are one and the same, the business itself is not taxed separately-the sole proprietorship income is your income.
Forming a Sole Proprietorship
But like all businesses, you need to obtain the necessary licenses and permits. Regulations vary by industry, state and locality
Advantages of a Sole Proprietorship
Easy and inexpensive to form, Complete control, Easy tax preparation
Disadvantages of a Proprietorship
Unlimited personal liability, Hard to raise money, Heavy burden
Sole Proprietorship
is the simplest and most common structure chosen to start a business. It is an unincorporated business owned and run by one individual with no distinction between the business and you, the owner.
