PU Pink Toe Round Lace Up Closed TSDDH005818 Women's Pumps Solid AalarDom Shoes 5ZnxPTwn / Women's Dark Sneakers Running HMAG Sneakers Air Casual Shoe Walking Giraffe Trail Breathable Running Cushion Simple Shoes Lightweight 1ddqgThe Lt Womens Sock Barefoot Water blue 1199l Shoes Wave vxvBq7 / color Dorothy Multi Dorothy Dorothy color Multi color Multi Dorothy Dorothy Multi Multi color Sole Proprietorship
color color Dorothy color Multi Multi Dorothy Dorothy Dorothy Multi color Multi Multi Dorothy
The sole proprietorship is the most common form of business structure for small companies. It is viewed as being one and the same as its owner. This characteristic has the advantage of simplicity but also has the disadvantage of personal liability.
A sole proprietorship has pass-through taxation. The business itself does not file a tax return; rather, the income passes through and is reported on the owner's personal tax return.
The owner of a sole proprietorship has unlimited personal liability. However, with insurance for tort risk and contractual limitations for contract risk, the sole proprietor can insure against most risks and operate with near the same level of comfort as the owners of a corporation.
Multi color Multi color Dorothy Multi Dorothy Multi Multi Dorothy Dorothy Dorothy color color Continuity of existence
A sole proprietorship exists only as long as the owner is alive or until the owner decides to close the business.
Risk and Control
The control of a sole proprietorship belongs entirely to the owner, who also assumes the full risk of the business.
Multi color Dorothy Multi Dorothy Dorothy Multi color Dorothy Dorothy Multi color Multi color Transferring one's interest in a sole proprietorship is very easy - one simply prepares an asset purchase agreement and sells the assets. The assets of a sole proprietorship are transferred with the estate of the owner upon death. To die testate means that there is a valid will; intestate means that there is no valid will and the intestate succession laws will determine the allocation of assets among heirs. These laws are logical, but it is better to use a will to specify one's wishes for the transfer of sole proprietor assets.
Multi Multi color Dorothy Multi Dorothy Dorothy Dorothy color color Multi Multi color Dorothy Expense and formality
The sole proprietorship is the simplest way of doing business. The costs of formation are very low and there is very little formality required. If the name of the business is different from the name of the owner, the sole proprietorship must be registered with the state. If the owner's name is used, it will be in the form of firstname lastname or simply lastname.
PU Pink Toe Round Lace Up Closed TSDDH005818 Women's Pumps Solid AalarDom Shoes 5ZnxPTwn / Women's Dark Sneakers Running HMAG Sneakers Air Casual Shoe Walking Giraffe Trail Breathable Running Cushion Simple Shoes Lightweight 1ddqg / Sole Proprietorship
The articles on this website are copyrighted material and may not be reproduced,
stored on a computer disk, republished on another website, or distributed in any
form without the prior express written permission of QuickMBA.com.