An unincorporated business with one owner who pays personal income tax on profits from the business....
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![Page 1: An unincorporated business with one owner who pays personal income tax on profits from the business. With little government regulation, they are the.](https://reader036.fdocuments.us/reader036/viewer/2022083009/5697bf9b1a28abf838c92ba2/html5/thumbnails/1.jpg)
Sole Proprietorship By me idk k
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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.
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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
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Examples
Angies list Queen nails World nails Ebay China doll
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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.
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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
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Percentages
There are %70 of SPS in the USA.
23.1 million SPs in the us.
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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