Category Archives: Sole Proprietorship
Separating Personal And Business Expenses As A Sole Proprietor
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
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
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
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 »
Sole Proprietorships Not a Priority for Paycheck Protection Program
If you own a small business, you may be excited to hear that President Trump implemented the Paycheck Protection Program. This program authorized $349 billion in forgivable loans to small businesses so that they could continue to pay their employees during the coronavirus crisis, despite having to shut down or see reduced revenue. This… Read More »
Is a Sole Proprietorship Right for Your Side Business?
Many people dream of leaving their job and starting their own business. However, to ascertain if this dream is possible, many people will start their business as a side hustle. This means they will work their 9-5 job and then work their side business in the evenings and on weekends. They may determine that… Read More »
Why a Sole Proprietorship May Be in Your Best Interest
Talk to various people about what they think is the best business structure, and more than likely, they’ll tell you to form an LLC and go incorporated. That’s because this type of structure offers protection for those with personal assets. If you get sued or anything happens to your business, your personal assets are… Read More »
Changing Your Business Structure
When an entrepreneur is just starting out, choosing a business structure is not always a high priority. Most just choose the default structure of sole proprietorships, which is reserved for companies owned by just one person. Sole proprietorships are often preferred, since they are easy to set up and require the least amount of… Read More »
Sole Proprietorship vs. LLC: Which Should You Choose for Your Company?
You’ve decided to move forward with your home-based business. Maybe you plan to sell food or gifts. Perhaps you will sell services, such as construction work or writing services. If you are the only one who owns the business, then your first thought may be to go the sole proprietorship route. It’s inexpensive and… Read More »