by kevin becca natella and taylor n.
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By: Kevin, Becca, Natella, and Taylor. Sole Proprietorship. What is Sole Proprietorship?. Sole Proprietorship is a form of running a business in which one person owns all of the assets of the business rather than having a group of people.

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what is sole proprietorship
What is Sole Proprietorship?
  • Sole Proprietorship is a form of running a business in which one person owns all of the assets of the business rather than having a group of people.
  • In simple words, this means that one person essentially owns the company.
advantages of sole proprietorship
Advantages of Sole Proprietorship
  • You have the final say in all business decisions.
  • You have the right to sell or give away ownership of the company at any time.
  • You don’t have to pay corporate tax.
  • It does not cost a lot of money to obtain the right to be called a sole proprietorship.
  • There are few formal business requirements.
  • You, as the owner, can determine salaries of workers.
disadvantages of sole proprietorship
Disadvantages of Sole Proprietorship
  • You will be held liable for all debt and malpractice in the company.
  • Not many investors will put their money into a sole proprietorship.
  • All of the responsibilities of the company are in your hands.
  • Difficult to secure lines of credit
  • The owner must pay Self-Employment taxes
instructions for starting this business
Instructions for starting this business
  • You do not have to take any formal or legal steps.
  • Depending on the city, you will most likely have to register your business or apply for a business/occupancy license.
  • You will need to write a business plan, which will serve as a roadmap.
  • Choose a name, make sure no one has it, register the name, and trademark the name.
instructions for starting this business continued
Instructions for starting this business (continued)
  • Separate personal finances from the business by establishing a business bank account, a business credit card, and business recordkeeping.
  • Depending on location, you might have to charge sales taxes.
  • Every year, you are required to keep track of your expenses.. (Profit, spending, etc..)
how the business is taxed by the irs
How the business is taxed by the IRS
  • The IRS forces Sole Proprietorship companies to pay
  • Income taxes on the company
  • Self-employment tax (SE tax) which is a social security and Medicare tax
e xamples of this
Examples of this
  • Financial Planners - Fidelity
  • Landscapers – Nadler Landscaping
  • Catering Company – Dennis Dean
  • House cleaning service – M&J House Cleaning Service
  • Tutoring – Specific Person
  • Computer Repair Service – CPR