Sole Proprietorship

A sole proprietorship is a business that is owned by one person and it is not registered with the state as a Corporation, Limited Liability Company, nor a Partnership.  They are easy to set up and maintain with limited government regulations, but keep in mind that we did not say 'no government regulations'. 

You may still be required to comply with a local registration, business license, permit or fictitious name statement.  Additionally, one of the greatest disadvantages of a sole proprietorship is that you are also personally responsible for paying all income taxes, business debts, and if your business is sued, you are personally responsible for any judgments against your business.