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If you dream of being your own boss and are ready to run a business, a sole proprietorship may be ideal for you. Less complex than a corporation, a sole proprietorship is often well suited to the entrepreneur. As the owner-operator of your own enterprise, you're the boss and you are free to make all your own decisions, but you also... more »
In a sole proprietorship the business has only one owner. The business also does not have a legal identity distinct from the owner, and is therefore considered a personal wealth investment. more »
A sole proprietorship is quite common and simple to launch. Although a sole proprietor is responsible for all liabilities and debts that the business might incur, there are also numerous advantages to owning a sole proprietorship. These are often great ways to pass businesses down to children later on. more »
A sole proprietorship is the easiest way to get into business. If you just set up a website with something to sell, you are in business. In fact, you don't even need a website. But, to start out legitimately, there are some guidelines you should follow.According to the IRS, you are self-employed if you make any money outside of a... more »
Small companies are a very big business for the economy. They have accounted for more than 70 percent of new jobs for the past decade and pay for more than 40 percent of the United States private payroll. Forming a sole proprietorship is a big deal, so you should treat it accordingly. In most cases, a small business is created after... more »
Many small-business owners start on a shoestring budget, sometimes due to a simple lack of...
Whether the economy is good or bad, working at home has an attraction all its own. You...
A sole proprietorship is a business entity. It is how you claim business taxes at the end of the year. Just as with a corporation, you will need a... more »
A sole proprietorship is a business represented by a single individual. The individual alone is responsible for the business financially and... more »
There are many types of business organization structures that a person can choose from when starting a new business. To choose the proper... more »
So you want to start a business? One of the first things that you will probably want to decide is what type of entity structure you will use to... more »
When you start a business, there are several types of entities you can choose from. These include an incorporation, LLC and sole proprietorship.... more »
A sole proprietorship also known as a sole trader, or simply proprietorship is a type of business entity which is owned and run by one individual and where there is no legal distinction between the owner and the business. All profits and all losses accrue to the owner (subject to taxation). All assets of the business are owned by the proprietor and all debts of the business are their debts and they must pay them from their personal resources. This means that the owner has unlimited liability. It is a "sole" proprietorship in the sense that the owner has no partners (partnership).
A sole proprietor may do business with a trade name other than his or her legal name. This also allows the proprietor to open a business account with banking institutions.
Advantages
The main advantages of a sole proprietorship are that they are easy to start up, they are subject to fewer regulations relative to other types of businesses, the owner has full autonomy with regard to business decisions, and they are easy to discontinue. "Constructaquote.com">"Becoming a sole trader - the basics," Constructaquote.com, http://www.constructaquote.com/home/business-guides/becoming-a-sole-trader---the-basics.aspx
Another advantage is that one takes all the profits of the business. This is the main reason that most businesses are of this type.
A sole proprietorship is not a corporation; it does not pay corporate taxes, but rather the person who organized the business pays self employment taxes on the profits made, making you much simpler. A sole proprietorship also does not have to be concerned with double taxation, as a corporate entity would.
A sole proprietor usually has a quick decision process and doesnt have any opposition when making a decision as he or she has total control of his business. All profits and losses accrue to the owner. The owner does not have the tension regarding conflicts among the partners as there are no partners. Also its easy to se read more at » http://en.wikipedia.org/wiki/Sole+proprietorship
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