Sole Proprietorships
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In this article, we took a look at how sole proprietorships often begin, talked about some their advantages and disadvantages, and reviewed some business formalities to take into consideration. Now that you’ve read this article you should have at least a better understanding of what it means to be a sole proprietor.

Many new businesses start off as sole proprietorships because it is the default business structure for a single business owner. In fact, many new sole business owners simply "open shop" one day (like with the Friendly Grass Cuts example) and don’t even know they’re operating as sole proprietors. This can have some devastating consequences for those owners who do not know their legal rights and liabilities if something goes wrong.

With that said, we encourage you to take a look at other business structures including LLCs and/or corporations to limit your personal liability. As a new business owner, the world is at your fingertips – including your creditors and plaintiffs looking to sue. So, take every reasonable precaution to protect yourself and your business.

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