Question

Kendra decided to leave her job in the city and move to the country where she plans to start her own business

Answer 1

Kendra decided to leave her job in the city and move to the country where she plans to start her own business a "sole proprietorship."

What is a sole proprietorship?

A sole proprietorship, also known as both a sole trader or even a proprietorship, is an independent clause with only one owner who is responsible for paying income tax on the company's profits.

Some key features regarding sole proprietorship are-

• Any unincorporated business with a single owner that is liable for personal income tax on its profits is known as a sole proprietorship.
• Due to the lack of government participation, sole proprietorships are simple to set up and dissolve, which makes them popular among owners of small businesses and contractors.
• The majority of small businesses begin as sole proprietors and eventually convert to limited liability companies or corporations as the business expands.
• Due to their lack of registration, one of the main drawbacks for sole proprietorships is the lack of legal protection they enjoy. This implies that the owner is responsible for all liabilities incurred by the company.
• In addition to reporting their earnings and deducting their expenses, sole entrepreneurs must also pay income & self-employment taxes upon their profits.

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