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Category Archives: Sole Proprietorship


Disadvantages Of A Sole Proprietorship

By Godfrey Legal |

If you desire to start your own business, the good news is that you can easily do it with a sole proprietorship. A sole proprietorship is a business owned by one person. Sole proprietorships are easy to form. There’s very little paperwork to get started and it’s inexpensive to do so. However, there are… Read More »


How The Right Business Formation Can Reduce Your Tax Bill

By Godfrey Legal |

Early on in your business, you likely made little money as a sole proprietor. However, in an instant, your business could explode. And so can your tax bill. This is what happened to one entrepreneur. A board game creator, he made less than $6,500 in revenue in a four-year period. Because his revenue was… Read More »


Changing A Sole Proprietorship To An LLC

By Godfrey Legal |

If you’re a budding entrepreneur, there are various business formations to consider. Most business owners without employees will opt for a sole proprietorship. This formation is easy to set up and it’s cheap to do. However, things change over time and as your business grows, you may decide that a sole proprietorship no longer… Read More »


Dealing With Taxes As A Sole Proprietor

By Godfrey Legal |

If you’re considering starting your own business and have no partners, a sole proprietorship is probably your best bet. You’ll be entitled to your own income. This is the easiest business structure and taxes are typically quite easy. You can simply report your company’s income and deductions on your personal tax return, so there… Read More »


Can You Change Your Sole Proprietorship Into A Partnership?

By Godfrey Legal |

When you first started your business, a sole proprietorship may have been the best option. You were running the business on your own and a sole proprietorship was the easiest setup. However, years later, your business is growing. You can’t do it all on your own anymore and you’re thinking about bringing in a… Read More »


Can You Sell On Amazon As A Sole Proprietorship?

By Godfrey Legal |

There’s a lot of money to be made in the world of ecommerce. Many people are trying their hand at selling items on sites such as Amazon. If you’re considering this business route, you likely have some questions and concerns. For example, you may already operate your business under a sole proprietorship. Is this… Read More »


Separating Personal And Business Expenses As A Sole Proprietor

By Godfrey Legal |

When people start new businesses and have no employees, they often choose a sole proprietorship as their business type. Being a sole proprietor has its benefits. This business entity is easy to set up. Plus, it’s not very expensive to get up and running quickly. You also have complete control over all your business… Read More »


How To Pay Yourself As A Sole Proprietor

By Godfrey Legal |

Starting a sole proprietorship is pretty easy. There’s very little paperwork required; just get the licenses and permits you need. You also need a business bank account. Other than that, owning a business as a sole proprietor is pretty easy—until you realize you need to pay yourself. How much do you pay yourself and… Read More »


Loans Available for Sole Proprietorships, Small Businesses

By Godfrey Legal |

Has your business been affected by the coronavirus? If you are a sole proprietor or small business, you most likely said yes. Even larger retailers have had to file for bankruptcy, with businesses all across the country losing revenues as Americans are forced to quarantine. The $1200 stimulus payment that many of us received… Read More »


How to Protect Your Personal Assets as an Entrepreneur

By Godfrey Legal |

The decision to become a small business owner is not one you should take lightly. While you may be sick of working 9-5 for your boss, running your own business is much more difficult. Instead of working 9-5, you’ll likely be working closer to 5 a.m. to 9 p.m, seven days a week. Plus,… Read More »

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