Sole Proprietorship
Start Your Business the Right Way with Sole Proprietorship
Start Your Business the Right Way with Sole Proprietorship
A Sole Proprietorship is the simplest form of business structure. If you’re looking for full control and easy setup, this is the option for you. We guide you through the process and help you understand the responsibilities of being a sole proprietor.
Understand the benefits of sole proprietorship and complete control over your business.
Learn about personal liability and how it impacts your business decisions.
Get assistance with local permits or licenses that may be required.
Ideal for small businesses, freelancers, and solo entrepreneurs.
What’s Included
Inside Your Sole Proprietorship Service
The process of starting a Sole Proprietorship is simple, but we’re here to
ensure you understand all of the key components and handle the necessary
paperwork.
The process of starting a Sole Proprietorship is simple, but we’re here to ensure you understand all of the key components and handle the necessary paperwork.
Entity Education
We explain the Sole Proprietorship structure, how it works, and whether it's the right choice for you.
Licenses & Permits
We help you identify and apply for any local business licenses or permits you may need to operate legally.
Liability & Taxes
Understand the implications of personal liability and how to handle taxes as a Sole Proprietor.
Doing Business As (DBA) Name
If you wish to operate under a different name than your own, we assist you in registering a "Doing Business As" (DBA) name.
Next Steps & Filing
After helping you understand the structure, we provide clear steps to help you launch your business legally and efficiently.
Key Points
What You Should Know About Sole Proprietorships
What You Should Know About Sole Proprietorships
Sole proprietorships offer a simple and cost-effective way to start a business, but
they come with some important responsibilities, especially around personal liability.
Sole proprietorships offer a simple and cost-effective way to start a business, but they come with some important responsibilities, especially around personal liability.
Advantages
Full control – As a sole proprietor, you make all business decisions and keep 100% of the profits.
Simple setup – No formal registration is required, and it’s easy to get started.
Direct tax benefits – Your business income is reported on your personal tax return (no separate business taxes).
Minimal paperwork – Less paperwork and fewer formalities compared to corporations and LLCs.
Important Considerations
Personal liability – As the sole owner, you are personally responsible for all business debts and obligations.
Limited funding options – Sole proprietorships have limited ability to raise funds or get investment compared to corporations.
Self-employment taxes – You must pay self-employment taxes on all business profits, which may be higher than other structures.
Limited growth potential – With only one owner, it can be harder to scale or expand as compared to LLCs or corporations.
We suggest consulting with a tax professional to understand the full implications of operating as a sole proprietor.