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Types of Legal Structures - Sole Proprietorship

03 Jun 2020 2:03 PM | Cordina Charvis (Administrator)

Sole Proprietorship

The sole proprietorship is perhaps the most straight-forward option. It is a business structure where the business is owned and controlled by one person and that person is liable for any of the business' obligations.

Some aspects of a sole proprietorship include:

  • You don't have to file any forms with the state, though you still need to obtain any required licenses and permits.
  • Owners are personally liable for any debts incurred by the business.
  • Income from the business is reported on your personal income tax return.

Per the Small Business Administration (SBA), some of the advantages of using a sole proprietorship structure are that it is low cost, owners have control, and taxes are simplified, while the disadvantages include unlimited liability and that you must pay self-employment taxes. As the owner of a virtual paralegal business, this may be an easier route to take to get your business off the ground and running.

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