Welcome to the Sole Prop Hub!
While a sole proprietorship may be the most basic of the business structures, there’s nothing basic about you. It takes guts to venture out on your own as a solo business owner, but you’ve got what it takes—and we’re here to help. Below find key information you need to start and operate your sole proprietorship.
Here are some quick facts to understand about sole props:
- They’re super easy to start—there’s no fee and no filing process; you’re all set!
- As a sole prop, you’re responsible for paying self-employment taxes
- The business owner is personally liable for the debts and losses experienced by the business—there’s no separation here between business liability and your personal liability