Ready to fly solo and start your own business? One of the first decisions you’ll make is determining how to structure it. A common choice for many is the sole proprietorship. But before you take off, here are some important points to consider when you start a sole proprietorship.
Simply stated, a sole proprietorship is a type of business owned and run by one person. The person and the business are one entity. The owner gets all the rewards and takes all the responsibilities. Here are some of them:
Think that a sole proprietorship is right for you? Here are a few more things to consider as you start your business:
A sole proprietor may have advantages for first-time business owners taking off on their own. Over time, some businesses migrate to other corporate structures as their business grows. Learning about sole proprietorships helps you determine if you’re ready to start by flying solo.