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LegalCornerTM - Sole Proprietorship F.A.Q.'s

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Q.What is a sole proprietorship and how do I form one?

A.The sole proprietorship is not a legal entity. The sole proprietorship is merely the alter ego of its owner, and as such it does not exist for either state or federal income tax purposes. As the simplest form of business entity, the sole proprietorship's benefit is that it requires no legal formalities to form or to operate. Generally all the business owner will do is file for a fictitious business name (DBA) and pay the fees for a local business license.

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