Businesses and Proprietorship

| A sole proprietorship is easy to create; there is minimal creation cost and time.The single owner has autonomy in decision making; sole owner makes all decisions related to the business and has complete ownership of business’s finances.

Some advantages of a sole proprietorship are that they have flexibility in operations. The sole proprietorship business is undertaken on a small scale. If any change is required in the operations, it is easy and quick to bring the changes. Another advantage in this type is the ease of promptness in decision-making, autonomy. When the decision is to be taken by one person, it is guaranteed to be quick. Thus, the entrepreneur, as a sole proprietor, can arrive at quick

The sole proprietorship is the simplest form of “business association” we will examine. It is perhaps a bit odd to describe it as a form of “association” given that the “sole” proprietor will be the only “equity” investor and thus doesn’t “associate” with anyone else as a co-equity investor. However, there will almost invariably be “associations” that the sole proprietor will have in order to carry on the business. These can include associations with employees, agents, lenders (such as a bank) and trade creditors. This chapter looks at the structure of the sole proprietorship, its formation, legal status, name registration requirements, funding, management, and dissolution. It also

Sole Proprietorship is when you are your own boss. You determine the rules and how many hours you work each day. You are responsibility for what your company does or fail to do. You are in control of the assets and liabilities of your company. In order to become a sole proprietorship, you must file legal/government paperwork, registered with the IRS and obtain a license or certificate for proof. The steps are easy, you just have to take time to fill out the paperwork, pay a fee and get licensed. Many people are already sole proprietorship, but do not know they are. If

You may, however, be able to purchase liability insurance for your business that can help eliminate tortious liability. You do not have to take any formal action to form a sole proprietorship. As long as you are the only owner, this status automatically comes from your business activities. But like all businesses, you need to obtain the necessary licenses and permits. Regulations vary by industry, state and locality. If you choose to operate under a name different than your own, you will most likely have to file a fictitious name (also known as an assumed name, trade name, or DBA name, short for "doing business as"). You must choose an original name; it cannot already be claimed by another business. The biggest downside to operating a business as a sole proprietor is the liability you are subject to. If your business

One disadvantage of operating a business as a sole proprietorship is that the firm is subject to double taxation, at both the firm level and the owner level.

Many new businesses start as sole proprietorships. This type of business is run and owned by one person and one person only. The sole proprietorship is usually a small business. The one proprietor owns and manages all responsibilities for his or her business. This type of business is easier to establish. There are no specific requirements on how you should start this type of business. A great advantage of sole proprietorship is that the proprietor has complete control in making all decision. One disadvantage of a sole proprietorship is that the owner is held liable for any debt or compulsions of the business.

The biggest advantage of doing business under a sole proprietorship is that it is extremely easy to form since the individual creating the sole proprietorship is the business. They are fully responsible for all aspects of the business including making good on

The sole proprietorship is both the simplest and most common type of business operating in the United States today. Most businesses that are owned and operated by a single person take this form. Small business owners who have sole ownership of their business are automatically considered under this business type if they do not take steps to establish themselves as another type of business. The important feature of a sole proprietorship is that the law makes no division between the person, the sole proprietor, and the business. That is why one is held personally liable for any and all circumstances.

Sole proprietorships are the simplest and most common form of business. This form of business is generally owned by a single owner. The advantages of a sole proprietorships are that they are easy to setup and the owner has total autonomy of day-to-day operations of the business. There are some disadvantages to forming a business as a sole proprietor. As the sole owner, the business is limited on capital and resources for running the business. A sole proprietor is limited to their personal capital and assets to support the operations of the business.

Also, this form of business is the easiest form out of the three businesses to set up or shut down. Because it is so simple and easy to set up or shut down, sole proprietorships are extremely popular with contractors as well as business owner. Company liabilities (such as debts) fall on the owner 's shoulders. So all of the profits are the owner 's, but then all of the debts are the owner 's too. Most sole proprietorships are small businesses; though not all of them are. When sole proprietorship businesses enlarge, many become limited liability companies (LLC) or S corporations.

Sole proprietorship is an independent business owned by one individual. Sole proprietorship businesses are relatively small and in most cases the financial resources of one person are adequate to cover operational expenditure.

Sole proprietorship is a business structure in which one can operate and work on its own. It is the most straightforward and fastest approach to set up an operation. Many sole owners do business under their own name and many others like to use fictitious names such as Steve 's Hair Salon. The fictitious name does not create a separate entity from the sole proprietor. It is just an appealing name given to the customers. Becoming a sole proprietor is not an easy task; such as, being obligated for all obligations and depending on own reserve funds can get to be distressing; particularly in the fact that banks and other financing assets are hesitant to make credits to a sole proprietor.

The sole proprietorship is an unincorporated business where the owner will pay taxes on all income that is received from the firm. They will assume any legal and financial responsibilities that are incurred during this process. The biggest advantages are that very little paperwork is needed to begin operations (most notably: state and local tax / business licenses). The largest drawback is the owner is responsible for all debts of the firm. ("Sole Proprietorship," 2012)

The first advantage of a Sole Proprietorship is that the owner makes all the decisions, without the need to consult anyone else. The second advantage is that the profits belong to the owner and he decides what to do with the money or how to invest it. (Russ, n.d)