A sole proprietorship is a business that is owned by an individual and that is not formed pursuant to any special legal construct, such as a limited liability partnership or a corporation. As a sole proprietor, the individual who owns the business has the exclusive right to make business decisions. It is a rather inexpensive way to operate a business since there are no corporate taxes, filing fees and few, if any, legal fees associated with creating or operating a sole proprietorship. However, sole proprietors should be aware that they can be held personally liable for any negligent or willful misconduct that occurs in the course of their business.
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This article is intended to be helpful and informative. But even common legal matters can become complex and stressful. A qualified business lawyer can address your particular legal needs, explain the law, and represent you in court. Take the first step now and contact a local business attorney to discuss your specific legal situation.