Sole proprietorship

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Last updated 10:24 PM on 4/30/26
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4 Terms

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What are some advantages of sole proprietorships

easy to form, proprietor gets all profits, maximum control over business decisions and can be transferred or sold if desired

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What are some disadvantages of sole proprietorships

unlimited liability for any losses or liabilities incurred, affected by proprietor’s death, disability, or retirement ,the proprietor may only raise capital for the business from personal funds and from loans others are willing to make based on the proprietor’s personal liability.

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Documents needed

Standard licensing and fictious name registry in FL

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Taxation

Profits reported on personal income tax