Are you starting a sole proprietorship soon? Before you get your business started, you'll need to take care of multiple legal formalities. This includes getting permits and licenses to run your business.
However, the good part is that it's easier to establish a sole proprietorship compared to other business entities. In this post, let's talk about things you should know before starting a sole proprietorship.
Starting a Sole Proprietorship: A Step-by-Step Guide for Entrepreneurs
Sole proprietorships are one of the most common business structures because they are easy to establish. You also get full decision-making authority and get complete control over the revenue. It is also easier to file taxes for a sole proprietorship.
However, you are personally responsible for the company's debt and liabilities. That makes it a riskier alternative compared to other entity types.
Before you take the plunge, make sure you understand the pros and cons of starting a sole proprietorship. If you are sure a sole proprietorship is the best option for your business, here are the steps you need to take to establish one:
Brett Shapiro is a co-owner of GovDocFiling. He had an entrepreneurial spirit since he was young. He started GovDocFiling, a simple resource center that takes care of the mundane, yet critical, formation documentation for any new business entity.