Sole Proprietorship

A sole proprietorship is the easiest and most accessible legal structure for your business. For that reason, it’s often used to get a business off the ground before expanding and evolving into a larger business entity.


  • Usually involves only one owner who has full control over all managerial and operational control.
  • All income and expenses from the business are included on your personal income tax return. Business losses may then help offset any income earned from other sources, lowering your tax liabilities.
  • Unlike other business structures, business earnings are only taxed once.
  • You can easily calculate your annual self-employment tax as well as your quarterly estimated tax payments on your income.


  • You’re personally liable for all of your company’s financial, legal and taxation liabilities. All personal assets are at risk and could be seized to satisfy any debts or legal claims that may be filed against your business.
  • Raising money could be difficult, especially if you have very little equity or collateral. Banks and financing sources are very hesitant to make loans to a sole proprietor.
  • You may depend a lot on savings, home equity or loans from family and friends to make ends meet.

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