Looking to start your own business? Congratulations! You're onto something big - entrepreneurs like yourself are truly fueling the economy. To help you along, here are to explain the different types of businesses that you can choose from.
Sole Proprietorship: A sole proprietorship is one of the most popular business types, namely because it's one of the simplest and only requires an individual. In a nutshell, a sole proprietorship is a business that's owned by just one person. An important thing to note is that there isn't a legal or financial distinction between the business and the business owner, which means that you as the business owner are fully accountable for all of the profits, liabilities and legal issues that your business may encounter. The nice thing about a sole proprietorship is that you don't have to fill out any forms or go through any legal procedures to declare this type of business. Instead, just by owning a business on your own, a sole proprietorship is automatically associated with your new business. Keep in mind, however, that depending on your product or service (and your location), you may need to access a specific license or other documents.
