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Step Two: Sole Proprietorship


Sole ProprietorshipA sole proprietorship is a business that is owned and operated by an individual. The owner is personally and legally responsible for his or her actions, including any actions taken on behalf of or in the name of the business. All profit or loss from a sole proprietorship belongs to the owner. This type of business organization is relatively simple to form and operate. No formal action is required by law to establish a sole proprietorship; however, proper name registration and certain permits and licenses may be required.

To find out more about name registration for your sole proprietorship, please contact the Business Licensing Information Center and Forms. You may also be required to obtain a business license or city privilege license. For more information about this license, contact your local city or town hall. For information about requirements related to starting your business, please click here.

Sole Proprietorship Pros and Cons

Pros. The biggest advantages to a sole proprietorship are:
1) It is an easy way to start your business;
2) It is an inexpensive way to start your business.

Con. The biggest disadvantage to a sole proprietorship is:
The business owner (YOU) is personally liable for the business. This means that if a disgruntled customer sued you, you could potentially lose your personal belongings, like your house.

For additional information on starting a sole proprietorship:

http://www.nolo.com/article.cfm/objectID/3FD19141-DB91-4FCA-BDB93416A4D05479/111/182/147/ART/


Next: Partnerships >>>


 

For more information, contact:
 

Pat Killette
Small Business Center Director
(919) 209-2015
pwkillette@johnstoncc.edu
 
 
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