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Sole Proprietorship
What is a Sole Proprietorship?
A Sole Proprietorship is a very simple Business Structure. There is no Legal Separation between the Owner and the business. Typically the owner receives all of the profits, but is also personally responsible for all the debts and liabilities, Usually reporting their Income on their Personal Tax Return. Typically it is very easy to start and often is automatic when you begin Self-Employed work as an Independent contractor and have complete control over your time and equipment/tools to complete the job contract.
- It is Structured as Single Owner Only
- No Legal Distinction (Owner and Business are one in the same)
- Easy Set-up
- Unlimited Personal Liabilities
- Pass Thru Taxation (all reported on personal return)