Sole Proprietorship

Katie Lemmond

Sole Proprietorship and what it means to us as a community

Sole Proprietorship is an unincorporated business with one owner who pays income tax on profits from business profits. There is little to no government regulation in these types of companies and businesses, so these companies have a lot more freedom to do as they please as far as rules go. The owner of the business gets to keep all the profits from the operations. Depending on the owner, the owner may share profits with others who helped in the operations. However, this is the owners choice.


Like I stated above, basically every sole proprietorship doesn't have government regulations, so the owner of the business can make the rules. There are no co-workers, no policy meeting sessions or form any group similar to a board of directors.


However, there are some disadvantages of sole proprietorships. Like if the company is in dept, the company may only be able to pay most of it, but not enough to pay the whole lawsuit.



SOURCES: "Sole Proprietorship." Https://www.sba.gov/content/sole-proprietorship-0. N.p., n.d. Web.

"Sole Proprietorship." Entrepreneur. N.p., n.d. Web. 03 June 2015.


SOURCES FOR PICTURES:


"Sole Proprietorship." Sole Proprietorship. N.p., n.d. Web. 03 June 2015. <http://2012books.lardbucket.org/books/an-introduction-to-business-v1.0/s08-02-sole-proprietorship.html>.


"Avoid Chargebacks and Credit Card Fraud through Better Understanding of Credit Card Acceptance and Risk." Avoid Chargebacks and Credit Card Fraud through Better Understanding of Credit Card Acceptance and Risk. N.p., n.d. Web. 03 June 2015. <http://www.spartadata.com/iphone-merchant-account-news-resources/sole_proprietor_merchant_account.php>.




(couldn't find one of the links to one of my pictures, sorry)


VIDEO SOURCE: "What Is Sole Proprietorship: Definition, Advantages & Disadvantages." N.p., n.d. Web. <What Is Sole Proprietorship: Definition, Advantages & Disadvantages>.