The following guide explains how to set up a sole proprietorship, its financial structure, and the potential drawbacks of starting one. Setting Up a Sole Proprietorship Once you have an idea for a sole proprietorship, whether it means selling a product or providing a service, make the decision to run your activity like a business. "Be prepared to devote time, use business methods, and get set up properly so you can make more money, minimize taxes, and avoid potential problems, " says Barbara Weltman, a tax and business attorney and author of such books as J. K. Lasser's Small Business Taxes (Wiley 2010). Become a business. To be a sole proprietorship, you do not have to take any formal or legal steps at the federal, state, or local level, Weltman says. "As long as you are the only owner, you automatically become a sole proprietorship by conducting business, " she adds. Depending upon the city or municipality where you set up shop, you may need to register your business or obtain business and/or occupancy licenses.
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