Sole Proprietorship By me idk k

Definition

An unincorporated business with one owner who pays personal income tax on profits from the business. With little government regulation, they are the simplest business to set up or take apart, making them popular among individual self contractors or business owners.

Facts

Least successful ways to own a business

A lemonade stand is a type of SP All profits go straight to the owner of

the business

Examples

Angies list Queen nails World nails Ebay China doll

Advantages

Complete control of the business All money goes to the owner No corp. tax payments Few formal business requirements Sale or transfer can take place at the

discretion of the sole proprietor.

Disadvantages

Held fully responsible for debts U pay taxes all by him/her self…. The business owner is held responsible

for losses, debts, and all that stuff You get not a lot of help from other

people in the business…………… The company wont continue if the

owner dies

Percentages

There are %70 of SPS in the USA.

23.1 million SPs in the us.

citations

Clarke, P. (n.d.). Advantages and Disadvantages of Sole Proprietorships. Retrieved from http://www.legalmatch.com/law-library/article/advantages-and-disadvantages-of-sole-proprietorships.html

Sole Proprietorship. (n.d.). Retrieved from http://www.investopedia.com/terms/s/soleproprietorship.asp