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Myrtle Beach Business Law AttorneySole ProprietorshipsA sole proprietor is someone who owns an unincorporated business by himself or herself. However, if you are the sole member of a domestic limited liability company (LLC), you are not a sole proprietor if you elect to treat the LLC as a corporation. A sole proprietor can be held personally liable for any business-related debt or obligation. If your business doesn't pay a supplier, defaults on a debt, or loses a lawsuit, the creditor can legally come after all of your possessions including your house. Filing your taxes is generally easier as a sole proprietor than a corporation. Simply file an individual income tax return (IRS Form 1040) and include your business losses or profits. Your individual and business income are considered the same and self-employed tax implications will apply. Click one of the links below for additional information about the different types of business that are available:
For information about how to start a new business or to protect your business investments,
contact Coastal law today. Our goal is to provide businesses
with the knowledge needed to succeed.
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Business Transactions
How to Form Sole Proprietorships
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