A Sole Proprietor Business

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A Sole Proprietor Business The sole proprietorship The sole proprietorship is a form of business structure that is commonly used in small companies. It is taken to be the same as the owner; this makes the business structure to be advantageous due to its simplicity and at the same time disadvantageous due to its personal liability. A sole proprietor business comes into being when one individual chooses to start a company. In the United States, this kind of business structure exists as the easiest and commonly encountered the type of business. Functioning as a sole proprietor has a substantial tax and legal effect on the business and its owner. Creation of Donna’s Boutique As earlier mentioned, this type of business structure is the simplest way of doing business. Formation costs for Donna boutique are very affordable, and a lot of formalities are not involved in its formation and running. Additionally, no formal action will be needed to create this business. However, just like all other business, this business will have to get the necessary permits and licenses. The business will also adhere to state set regulations since they tend to vary from one state to another, and lastly in different localities. Whenever the business name is not the same as the name of the business proprietor, the company must get a registration from the state; therefore, this boutique will be registered with my name to avoid these conflicts. Liability in Donna’s Boutique Business Lack of liability protection in a sole proprietorship is a major drawback of operating as a sole proprietor where my business falls. However, the boutique can still insure against various risks and function in comfort

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