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Topic: Sole Proprietorship

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In the News (Sun 11 Nov 18)

  Term definition: Sole Proprietorship
A sole proprietor need only register his or her name and secure local licenses, and the sole proprietor is ready for business.
The owner of a sole proprietorship typically signs contracts in his or her own name, because the sole proprietorship has no separate identity under the law.
Sole proprietorships rarely survive the death or incapacity of their owners and so do not retain value.
www.entrepreneur.com /encyclopedia/term/82652.html   (1028 words)

  Sole proprietorship - Wikipedia, the free encyclopedia
A sole proprietorship essentially means a person does business in their own name and there is only one owner.
A sole proprietorship is not a corporation, it does not pay corporate taxes, but rather the person who organized the business pays personal income taxes on the profits made, making accounting much simpler.
A business organized as a sole proprietorship will likely have a hard time raising capital since shares of the business cannot be sold, and there is a smaller sense of legitimacy relative to a business organized as a corporation or limited liability company.
en.wikipedia.org /wiki/Sole_proprietorship   (332 words)

 Sole Proprietorship
A sole proprietorship is a good business organization for an individual starting a business that will remain small, does not have great exposure to liability, and does not justify the expenses of incorporating and ongoing corporate formalities.
Because a sole proprietorship is not a separate legal entity, it usually terminates when the owner becomes disabled, retires, or dies.
It is difficult for a sole proprietorship to raise capital.
www.sos.state.ia.us /business/sole.html   (508 words)

 Entrepreneurs' Help Page | Tannedfeet.com
A sole proprietorship is an individual (or married couple) who owns a business which is not otherwise incorporated or organized as a separate legal entity (i.e., there is no partnership, limited liability company, corporation, etc.).
Putting it differently, sole proprietorships are businesses where an individual conducts business and holds title to property in his or her name and is directly and personally liable for the obligations of the business.
The tax code treats the sole proprietorship and the owner as one and the same: income earned by the business is seen as income of the owner and must be reported on the owner's IRS Form 1040.
www.tannedfeet.com /sole_proprietorship.htm   (1008 words)

Sole proprietors own all the assets of the business and the profits generated by it.
A sole proprietorship is frequently chosen for start-up businesses because it is easy to organize and flexible to operate.
Sole proprietorship taxes are reported on IRS Form 1040, Schedule C, as part of the owner’s personal income tax return.
www.residual-rewards.com /sole-proprietorship-definition.html   (168 words)

 Accounting for Sole Proprietorships - Accounting
This is due to the fact that the sole proprietorship is the easiest type of business entity to start up and the least expensive type of business entity to start up and maintain.
As a sole proprietorship you are in business the first time you make a sale or incur a business related expense.
Unless the sole proprietorship has employees, this type of business entity is unique in that it can operate under the owner’s social security number.
www.bellaonline.com /articles/art4726.asp   (500 words)

 Doing Business as a Sole Proprietor   (Site not responding. Last check: )
The owner of a sole proprietorship is known as a sole proprietor.
The second tax advantage of sole proprietorships is that you can deduct your business losses to the extent of your total income that you may have from all sources, including interest, dividends, and gains from the sale of nonbusiness property.
The principle disadvantage of sole proprietorships is that you, the sole proprietor, are personally liable for all the debts of your sole proprietorship.
www.poznaklaw.com /articles/solep.htm   (1276 words)

 Sole Proprietorship Basics
A sole proprietorship is a one-person business that is not registered with the state as a corporation or a limited liability company (LLC).
Sole proprietorships are so easy to set up and maintain that you may already own one without knowing it.
However, even though a sole proprietorship is the simplest of business structures, you shouldn't fall asleep at the wheel.
www.nolo.com /lawcenter/ency/article.cfm/objectID/3FD19141-DB91-4FCA-BDB93416A4D05479/catID/3FED35C1-7BBA-4468-901354F101CBEBE2   (440 words)

 Sole Proprietorship
Another potential downside of a sole proprietorship is that any income to the business is treated as income to the business owner, and all income is reported on your individual tax return, and is taxed in the year it is received.
With a sole proprietorship, even the money you leave in your business bank account is taxed in the year it is earned, even if you are saving it to pay for business expenses in the coming year.
The income you earn from your sole proprietorship remains subject to income and "self employment tax" (your Medicare and Social Security contributions), and you will be responsible to pay those taxes at the end of the year.
www.expertlaw.com /library/business/sole_proprietorship.html   (944 words)

 Sole - Wikipedia, the free encyclopedia
The sole (foot) is the bottom of the foot.
Sole, in shoemaking, the part of the footwear that touches the ground
American soles in the family Achiridae, sometimes classified among the Soleidae.
en.wikipedia.org /wiki/Sole   (230 words)

SOLE PROPRIETOR, PARTNERSHIP OR A sole proprietorship is the easiest and most inexpensive form of business.
A sole proprietorship involves only one person (you) and ceases to exist should you die or become incapacitated.
In addition to the simplicity and low cost of operating a sole proprietorship, all business losses of a sole proprietorship are deductible from your personal income and, if your income is small, the tax you pay on your business income will be low.
www.leanlegal.com /tutorials/smallbusiness1.asp   (771 words)

 Arizona Sole Proprietorships Explained
The articles are: sole proprietorships, general partnerships, limited partnerships, C corporations, S corporations, trusts, limited liability companies, the "best" entity and the entity comparison table.
For example, if the sole proprietor sends a secretary to the store to purchase paper and the secretary causes an auto accident in which somebody is killed or injured or property is damaged, the sole proprietor may be personally liable for the damages.
Because the sole proprietorship is not a separate entity that pays taxes, there is no potential for double taxation that can exist with some entities that pay federal income taxes at the entity level (such as C corporations) before distributing profits to the owners.
www.keytlaw.com /az/entities/soleprop.htm   (1126 words)

 Bplans.com - Sole Proprietorship Basics
A sole proprietorship is a business that is owned by one person (and sometimes his or her spouse) and that isn't registered with the state as a corporation or a limited liability company (LLC).
The fact that a sole proprietorship and its owner are one and the same means that a sole proprietor simply reports all business income or losses on his individual income tax return - IRS Form 1040 with Schedule C attached.
All you have to do is declare your business to be a sole proprietorship when you complete the general registration requirements that apply to all new businesses.
www.bplans.com /le/article.cfm/77   (953 words)

 Sole Proprietorship - Business Law and Insurance Articles   (Site not responding. Last check: )
Sole proprietorship is the quickest and easiest business structure to adopt.
As a sole proprietor your net profit is taxed at personal income tax rates and you are personally liable for any debts or losses you incur.
Sole proprietorship can also be a good choice for businesses in the start-up phase because it does not have a lot of legal requirements.
www10.americanexpress.com /sif/cda/page/0,1641,15745,00.asp   (432 words)

 Sole Proprietorship- TaxGaga
Therefore, as far as retirement plans go, a sole proprietorship is equal with a corporation.
This is because a sole proprietor can only deduct up to 40% of his family's health insurance premiums on the Form 1040.
Sole proprietorships must use the calendar year for accounting purposes but may use either the cash or accrual method of accounting.
www.taxgaga.com /pages/p-businesstaxes/pa-soleproprietor.html   (419 words)

 Sole Proprietorship
The assets and liabilities of the sole proprietor will pass to his or her estate, but often the expertise and knowledge of the business usually die with the sole proprietor.
A competent estate planning lawyer can assist the sole proprietor in arranging for the business to be transferred to a family member or some other person upon the death of the sole proprietor.
In a sole proprietorship, all of the personal and business assets of the sole proprietor are at risk.
www.incorporate2000.com /what_is_sole_proprietorship.html   (426 words)

 Sole Proprietorship
The sole proprietorship is the most common form of business structure for small companies.
A sole proprietorship exists only as long as the owner is alive or until the owner decides to close the business.
The assets of a sole proprietorship are transferred with the estate of the owner upon death.
www.quickmba.com /law/sole-proprietorship   (342 words)

 Sole Proprietorship
Actually, a sole proprietorship is not a separate entity at all – the term simply refers to ownership of a business by one person.
Because there is no separate entity, a sole proprietorship does not file a separate income tax return.
However, a sole proprietor is required to obtain a federal employer identification number if the business has employees or deals in alcohol or firearms.
www.scottlawfirm.com /sole.htm   (243 words)

 SOI Tax Stats - Nonfarm Sole Proprietorship Statistics
The Sole Proprietorship study covers basic data, including business receipts, deductions, and net income reported by an individual taxpayer on Schedule C of Form 1040.
The information is for nonfarm sole proprietorships and is broken down by industrial groups for analysis of the data.
Integrated Business Data: Tables and articles that combine the annual SOI cross-sectional studies of corporation (C and S corporations), partnership, and nonfarm sole proprietorship data.
www.irs.gov /taxstats/indtaxstats/article/0,,id=134481,00.html   (199 words)

 Sole Proprietorship   (Site not responding. Last check: )
A sole proprietorship is a single owner business and the simplest form of a business entity.
Among the advantages/benefits of a sole proprietorship are: Exclusive control: you retain sole control over the management and development of your business.
Some of the disadvantages of a sole proprietorship include: Personal liability: your business is not a separate legal entity and all business debts and liabilities are your personal obligations.
www.lonestarlawyer.com /sole_proprietorship.htm   (357 words)

 Sole Proprietorship dba Fictitious Business Name - Incorporate at MyCorporation.com   (Site not responding. Last check: )
A sole proprietorship is not a separate entity itself.
Unlimited Personal Liability for Loss: In a sole proprietorship, the owner is personally liable for the company, thus placing his or her entire personal assets and wealth at risk.
Duration: The sole proprietorship remains in existence for as long as the owner is willing or able to stay in business.
www.mycorporation.com /Solprop.htm   (257 words)

 SBA - Legal Aspects | Forms of Business Ownership
Sole proprietors are in complete control, and within the parameters of the law, may make decisions as they see fit.
Sole proprietors receive all income generated by the business to keep or reinvest.
Sole proprietors have unlimited liability and are legally responsible for all debts against the business.
www.sba.gov /starting_business/legal/forms.html   (1408 words)

 Business Organization, sole proprietorship, limited partnership, corporation, business law
Sole Proprietorship: A sole proprietorship is one person alone.
He or she will have unlimited liability for all debts of the business, and the income or loss from the business will be reported on his or her personal income tax return along with all other income and expense he or she normally reports (although it will be on a separate schedule).
Although proprietorship avoids the expense of forming a partnership or corporation, many start businesses this way because they are unfamiliar with the other forms of organizations.
www.myownbusiness.org /s4/index.html   (3219 words)

 Sole Proprietorship, IRS, Tax and Tax Form
A sole proprietorship is the simplest form of business organization.
The sole proprietorship assets are the owner's personal assets, and the sole proprietorship liabilities are the owner's personal liabilities, and the sole proprietorship ends when the owner dies.
Part-time work, such as a side line business in addition to your regular job, may be a sole proprietorship.
www.wwwebtax.com /income/sole_proprietorships.htm   (516 words)

 The Big Hidden Tax Benefits of Sole Proprietorship
A sole proprietor reports his or her business profit to tax authorities on simple one- or two-page form called Schedule C. For many sole proprietorships, in fact, all the IRS requires is a crude listing of revenue and expenses.
If your minor kids help out in your business and the business is operated as a sole proprietorship, the family tax bill can drops by one to two thousand dollars annually for each child employed.
What this means is that if your proprietorship employs your spouse, the sole proprietorship can establish an HRA that reimburses all or some huge portion of employee's family medical costs.
www.businessknowhow.com /startup/sole-proprietor.htm   (930 words)

 The Old Joel on Software Forum - Sole proprietorship
It seems that as a sole proprietor, someone who sues you can still get to your personal bank account if they want to regardless of whether or not you have a separate bank account for the business.
A sole proprietor "is" the business while a corporation would provide some legal firewall against lawsuit liability.
Having said that, and with the advice about LLCs and sole proprietorships a given, one important thing to note is that ANYONE can sue you for ANY reason at ANY time and there's no such thing as being completely, perfectly covered.
discuss.fogcreek.com /joelonsoftware?cmd=show&ixPost=30215   (2195 words)

 Sole Proprietorship   (Site not responding. Last check: )
In a sole proprietorship, your personal return is your business return.
If you are a sole proprietor, you may want to consider an LLC.
Single owner LLCs are disregarded for tax purposes — the business shows up on your personal return as it has in the past — but you have the limited liability protection of the LLC entity.
www.taxguideonline.com /ContentPages/B_BS-SolePrprtrshp.html   (81 words)

 LLC, sole proprietorship to partnership comparison - LegalZoom.com
In a sole proprietorship and partnership, the owners are personally responsible for business debts.
If the assets of the sole proprietorship or partnership cannot satisfy the debt, creditors can go after each owner's personal bank account, house, etc. to make up the difference.
The business of a sole proprietorship or partnership, on the other hand, cannot be sold whole.
www.legalzoom.com /law_library/LLCs/vs-partners.html   (533 words)

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