Sole proprietorship (Ytube).mp4
Jeff Short・2 minutes read
Sole proprietorship offers tax benefits, freedom, and control over the business but comes with disadvantages such as limited funding opportunities, overwhelming responsibilities, and the risk of personal assets being used to cover debts.
Insights
- Sole proprietorship offers tax benefits and autonomy to individuals, enabling them to deduct expenses and have control over business decisions, serving as their own boss.
- Despite its advantages, sole proprietorship presents risks like limited access to funds for growth, overwhelming responsibility for all aspects of the business, and the potential threat of personal assets being liable for business debts.
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Recent questions
What is a sole proprietorship?
A business owned by one person.
What are the tax benefits of a sole proprietorship?
Lower tax payments due to deductible expenses.
What are the disadvantages of a sole proprietorship?
Limited ability to raise funds and unlimited liability.
How does a sole proprietorship differ from an employee in terms of taxes?
Sole proprietors can deduct expenses, resulting in lower tax payments.
What is the main risk associated with a sole proprietorship?
Personal assets may be at risk to cover business debts.
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