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 Sole Proprietorship | General Partnerships | Joint Venture | Limited Partnership | Limited Liability Partnership | Limited Liability Company | Corporation | S-Corporation
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Sole Proprietorship
A Sole Proprietorship is the simplest, most common and easiest form of business to establish and operate. A Sole Proprietorship is not a separate entity from it's owner, therefore, the owner is ultimately responsible for the Sole Proprietorship's actions.
A. Liability
Personal liability for loss in this type of business is unlimited. The owner places their entire assets and wealth at risk and if married, all assets owned by both the owner and spouse.
B. Management
The owner of a Sole Proprietorship has total control. Although, the owner is personally liable and responsible for the actions of his agents and or employees.
C. Requirements
The only requirements are those involving licensing regulations.
D. Transferability
The owner of a Sole Proprietorship can sell the business whenever they choose.
E. Duration
A Sole Proprietorship can stay in business as long as desired by the owner.
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