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Sole Proprietorship

A sole proprietorship is a company, which is owned and run by one individual, so, there is no legal distinction between the owner and the business. It is a "sole" proprietorship meaning that the owner has no partners. The proprietor owns the assets and debts of the company alike, and must pay for them from personal funds. Sole proprietorship is easy to start up, has fewer regulations, keeps full control over the business, and is easy to dissolve. A sole proprietorship may do business with a trade name other than a legal name. For additional information on starting a Sole proprietorship please seek a professional.

Fast Facts

  • The owner of the Sole Proprietorship has unlimited liability.
  • All profits and losses of a Sole Proprietorship go to the owner and are subject to taxes.
  • Sole trader, or proprietorship are two other names for a Sole Proprietorship.

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Results 1-5 of 49 for "sole proprietorship"

  • Sole Proprietorship Advantages

    LLCs have been the “hot” business structure for small businesses for some time now. Before them, subchapter-S ...
    • Site: smallbusinesslawfirms.com
  • Sole Proprietorship

    Sole Proprietorships are types of a business entity in which case has no isolated existence from it’s owner....
    • Site: smallbusinesslawfirms.com
  • Filing Bankruptcy as a Sole-Proprietor

    A personal chapter 7 bankruptcy does cover sole proprietorship. A sole-proprietorship is just another name a d...
    • Site: filingforbankruptcyonline.com
    • 1 of 1 user(s) found this useful
  • Choosing the Right Business Entity

    Starting a business entails careful planning and understanding of both the substantive and procedural aspects ...
    • By: Rodney Mesriani
    • Site: smallbusinesslawfirms.com
    • 1 of 1 user(s) found this useful
  • Business Law in Illinois

    Every state in the US offers a unique opportunity for aspiring business owners, and Illinois is exception. Sta...
    • Site: lawfirms.com

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