One of the most wide spread characteristics of this business is that the owner and the business are inseparable since they are the same entity. Now since they are the same entity the owner of the business has the complete control over the business. In addition to this he or she will be responsible for all the decisions that they make and all the legal actions and the debts against the business. The taxes are paid in accordance to the rules of personal taxation.
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Now there are a few things that you need to keep in mind before you can jump into this business. The first thing that you need to understand is that you will be the only person responsible for the all the decisions that you make regarding your business. The next thing that you need to keep in mind is that you can’t entirely run this business all by your self. You will need to hire some workers for you to help you out in the daily activities.
You will also need to take in consideration the rules and regulations regarding the taxes in your local area. For this you can call the local authorities to check out the rates and rules.
Now the sole proprietor business is not very large and it does not have to meet the legal requirements such as the incorporation. Furthermore the liability to this business is just limited to the business and it does not cover the personal liability.
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