The majority of sole proprietorships have modest assets and revenue levels, are not constrained by a cap on the number of employees, and are free to operate anywhere the owner chooses.
A sole proprietorship, sometimes referred to as a solo trader or a proprietorship, is an unincorporated business with a single owner that must report business profits to personal income tax. Many sole proprietors operate under their own names because they don't need to have a separate business or trade name.
A sole proprietorship is the simplest business structure to launch or dissolve due to the absence of governmental regulation. This is why consultants, sole proprietors, and other independent contractors favor these business models in particular. Most small businesses start out as sole proprietorships, and they either stay that way as they grow or change to a corporation or limited liability structure.
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