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Sole proprietorships
A sole proprietorship is the simplest business entity. Basically
it is one person who owns and operates the business, and in
California can include a husband and wife as a sole proprietorship.
This is good for a home-based business. Expenses and income
from the business are included on your personal income tax
form. Business loses incurred with this business may offset
income earned from other sources.
A sole proprietor is also personally liable for the liabilities
of the business. This includes your personal non-business
assets, which can be seized to satisfy your business debts
or legal judgments. Raising money for a sole proprietorship
can also be difficult, and often sole proprietors must obtain
their own financing, through savings or personal loans.
A sole proprietorship ends upon the death or withdrawal of
the owner. The owner can sell the sole proprietorship, but
will no longer retain control over the business.
Additional Business Planning Resources
We will help you determine the appropriate business entity
in order to best serve you and your organization. Some of
the factors to consider when selecting an entity include:
taxation; personal liability; ability to raise additional
capital; growth expectations; and, managment of the organization.
Some of the different type of entities to be considered are
as follows:
Contact us today for a free consultation to discuss your
business planning needs. Our offices are located in central
San Diego, California. We represent clients throughout the
United States.
To contact us, fill out the form on this page or call
us at 858-350-3124 (San Diego) or toll free at 800-361-1961.
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