Sole Proprietorship - Business Law
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Discuss the advantages and disadvantages of a Sole Proprietorship. Discuss how a partnership either improves on the sole proprietorship or takes away from it.
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Solution Summary
Sole Proprietorship
Introduction
A sole proprietorship is also known as a proprietorship. This is a business that has no separation from the business and owner. This type of entity has no partners, does business in the owner's name, is not a corporation and does not pay corporate taxes. Most proprietorships register with a DBA or trade name (Wikipedia, 2007).
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Sole Proprietorship
Introduction
A sole proprietorship is also known as a proprietorship. This is a business that has no separation from the business and owner. This type of entity has no partners, does business in the owner's name, is not a corporation and does not pay corporate taxes. Most proprietorships register with a DBA or trade name (Wikipedia, 2007).
Advantages
Some of the advantages of a proprietorship are that it is easy to set up and are low cost. There are no legal requirements to form or to dissolve a proprietorship. Another advantage of this form of business is what the business makes, the owner makes; all the profits go into his pocket. There is no separation between the business and the owner. Filing taxes are simpler and there are some tax advantages for the individual. There is single ...
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