The sole proprietorship is the simplest business form under which one can operate a business. The sole proprietorship is not a legal entity. It simply refers to a person who owns the business and is personally responsible for its debts.

  • Owners can establish a sole proprietorship instantly, easily and inexpensively.
  • Sole proprietorships carry little, if any, ongoing formalities.
  • A sole proprietor need not pay unemployment tax on himself or herself (although he or she must pay unemployment tax on employees).
  • Owners may freely mix business or personal assets.

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