A sole proprietorship is the very definition of going into business for yourself. You are the business and the business is you. And there’s nobody else.
Perhaps the most common form of business organization for startups, a sole proprietorship can be terrific and terrifying. The credit and the blame; the profit and the loss; the freedom and the responsibility; all of it is all yours – all the time.
The upside: It’s simple. It doesn’t cost much to set up and it’s easy to dissolve. The big downside is you’re personally liable for business debts.There are a handful of factors to consider when deciding whether a sole proprietorship is best organizing structure for your business. Let’s touch on a few of the biggies. Find out what they are on the MN Business 101 blog: http://mnbusiness101.wordpress.com/2013/05/20/sole-proprietorship-its-all-about-you/
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