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A sole proprietorship, also known as a sole tradership, individual entrepreneurship or proprietorship, is a type of enterprise owned and run by only one person and in which there is no legal distinction between the owner and the business entity. [1]
Sole proprietorship. Limited Liability Corporation (LLC) C-Corporation or corporation. S-Corporation. Partnership. Each business entity has advantages, drawbacks, and tax implications to consider ...
Both LLCs and corporations have liability protections for owners. Many businesses that start as a sole proprietorship reach a point where it makes sense to graduate to a more complex business ...
Profession libérale: ≈ sole proprietorship such as a medical practice, an enduring entity stemming from the protected status designed for "liberal professions" with unlimited personal liability Sociétés d'exercice libéral [ fr ] : the incorporated equivalent of the latter, sole shareholder limited liability being key
“For example, in a sole proprietorship, you will pay self-employment taxes (Social Security and Medicare) on the entire net income, which can be high if the business is profitable,” said John ...
By contrast, sole proprietors and partners in general partnerships are each liable for all the debts of the business (unlimited liability). Although a shareholder's liability for the company's actions is limited, the shareholders may still be liable for their own acts.
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