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Is a Sole Proprietorship the Right Legal Structure for Your Small Business?
After months — or maybe years — of dreaming and planning, you’re ready to launch your small business and make your way to the Fortune 500; or at least, the Inc. 5000. However, before you start implementing your integrated marketing campaign and chiseling elegant window lettering at your corporate headquarters (which for the time being may be your basement, kitchen or spare bedroom), there is a critically important question to answer: what legal structure is right for your business?
The first thing to note is that if you’re looking for a ready-made answer to this pivotal question, then you won’t find one here — or anywhere else for that matter. This is simply because various legal structures have pros and cons, and only you can decide what makes sense. Below, we take a deeper look at one of the most common and simplest legal structures: sole proprietorship.
What is Sole Proprietorship?
In a sole proprietorship, you personally assume responsibility for your business’s liabilities and debts. Contrary to what some self-employed individuals believe, a sole proprietorship is the default business structure. In other words, even without formally registering a business, everyone who has ever freelanced or worked as a consultant has, in effect, owned and operated a sole proprietorship (with this being said, the government expects all freelancers and consultants to register their business and comply with all applicable… Read More
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