An individual business is a form of business held and mastered by one person. It is the most basic form of business ownership and can be found in pretty much all economic industries.
As a sole proprietorship, every debts are definitely the responsibility of your owner, and profits and losses are taxed on his or her personal income taxes. This may be advantageous resource at first, but since your business grows up, it might be time for you to change to an alternate legal structure.
Often , people start the businesses as a sole proprietorship before entering into other types of business structures as their ventures expand. It’s important to understand the differences between a person business and other business agencies so you can associated with best decision to your situation. Keep reading to learn more about different types of business ownership.