Sole Proprietorship

A Sole Proprietorship is not a legal entity. It has no life of it’s own apart from the owner. A Sole Proprietorship is created by default without any formalities when a single individual conducts business, if he or she takes no other action to create another legal entity for the business.

Personal assets are exposed to creditors when conducting business as a sole proprietor. Though some of the risks associated with conducting business as a sole proprietor can be covered with comprehensive and expensive insurance, the reality is as a sole proprietor all of your personal assets are at risk. Gains and losses are treated on the individual's personal income tax return.

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