Sole Proprietorships

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Many people find that all they need to be is a sole proprietor. This is fine if what you are doing is just a hobby. Generally a Sole Proprietorship is controlled by an individual, called the Owner. On the plus side, there is little required to set up a Sole Proprietorship other than just clicking your heels and saying it is so. It’s the least expensive form of business entity to establish and there are no formal record keeping requirements. On the negative side, all business revenue is considered personal income and is taxed at the Owner’s tax rate, so there are none of the tax advantages enjoyed by other entity structures. Additionally, the Owner is personally liable for all business debts – there is no personal asset protection at all when operating as a sole proprietor – which puts your hard earned personal wealth in jeopardy with the IRS, lawsuits, and potential mismanagement due to the lack of more structured record keeping regulations.