Sole Properitorship is the simplest form under which a company can operate. This business does not have any separate identity under the law. It can also be operated under the name of its proprietor.
Sole proprietorship, also known as sole tradership or individual entrepreneurship, is a type of business owned by a single person. There is no legal distinction between the owner of a business and the business itself. A sole proprietor is responsible for all the financial aspects of the business, while the owner has little or no control over its management or direction. The business may be small, but the profits are significant. It is easy to start a sole proprietorship if you want to start a small operation quickly.
A sole proprietor is an independent business that does not have a separate legal entity. The business owner pays taxes at the individual level, and does not have to consult with anyone else. A sole proprietor pays normal taxes on their profits, and can be held personally liable for any business debts. If the business isn’t doing well, the debt may extend to your home or personal property. Sole proprietors are also responsible for paying sales tax.
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