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Law Task 7

In: Business and Management

Submitted By Danusha1
Words 1729
Pages 7
Sole Proprietorship
The sole proprietorship is the simplest business form under which one can operate a business. The sole proprietorship is not a legal entity. It simply refers to a person who owns the business and is personally responsible for its debts.
A sole proprietorship can operate under the name of its owner or it can do business under a fictitious name, The fictitious name is simply a trade name--it does not create a legal entity separate from the sole proprietor owner.
Formation
The simplest and most basic form of a sole proprietorship usually requires little to no formalities. Without the official formation of a separate and new entity, such as a corporation, the legal name of your business is the same as your own name, since essentially you are the entire business. The products or services you sell to the public affect your own personal income and taxes. This is the easiest way to start and operate a business. When people pay the business, they pay you directly.

Advantages
A sole proprietor has complete control and decision-making power over the business.
Sale or transfer can take place at the discretion of the sole proprietor.
Minimal legal costs to forming a sole proprietorship
Few formal business requirements
No corporate tax payments
Another advantage of forming a sole proprietorship is the taxation rules established by the Internal Revenue Service. Sole proprietors are not required to file separate tax returns for their business. Income made from the business is counted as personal income and owners pay taxes according to their individual tax rates. The tax rules regarding sole proprietorships allow owners to avoid the double taxation of corporations.

Distribution of Profits - Sole proprietors are the sole owners of their businesses and do not split profits with other owners. One hundred percent profit retention allows sole proprietors to

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