A sole proprietor is a business entity in which there is no legal distinction between the owner and the business: the owner is the business and the business is the owner. The owner receives all the profits and is solely responsible for all losses and debts.
Sole proprietorships are enticing because they are easy to organize and require a small amount of start-up capital. And, the owner reaps all that he or she sows — profits or losses. On the other hand, ...Continue Reading →