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What Steps Do I Need to Take to Set-Up a Sole Proprietorship?

A sole proprietorship is one of the easiest types of business entities to set up. For this reason alone, a sole proprietorship is often an attractive option to a small business owner. In fact, you may already be operating as a sole proprietor just by conducting business on your own. Depending on your local laws, you may not even be required to register your business. However, while registration may be unnecessary, it is a great way to protect your business. In addition to registering your business as a sole proprietorship, there are several other steps you should take along the way to ensure that you protect both your business, as well as your personal assets.

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Benefits of Operating as a Sole Proprietorship

Forming a sole proprietorship can be a great way for a single business owner to get a business up and running. Because a sole proprietorship is fairly unstructured, it will allow you to concentrate on building your business, and worry less about the business formalities required to form a corporation or a limited liability company (“LLC”). However, while there are pros to forming a sole proprietorship, there are cons as well.

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