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Do sole proprietors need a business license to operate legally?

Yes, sole proprietors typically need a business license to operate legally.


Do sole proprietors pay self-employment tax?

Yes, sole proprietors are required to pay self-employment tax on their business income.


What is a major disadvantage of sole proprietorships?

There are some tax advantages, but the biggest for most sole proprietors is not having to answer to anyone - being your own boss.


Management functions of sole proprietorship?

The sole proprietorship is the most common business model, probably because it is the easiest form of business to start and operate. Sole proprietors are individually responsible for the performance of the business and can be held individually liable for the business's debts. To ensure a successful enterprise, sole proprietors must effectively perform a number of managerial functions.


What kinds of liabilities are sole proprietors subject to sole proprietorship?

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What are the forms of business?

Sole Proprietors, Patnership and limited liabilities


What are the three forms of business?

Sole Proprietors, Patnership and limited liabilities


Do you need workmans comp as sole proprietor in ma?

By law, it's optional for sole proprietors. Reality can be different though. In the construction trades most general contractors will require any subs who are sole proprietors to have workmans comp. This is what their insurance companies require. If a sub doesn't have workmans comp the insurance company adds their wages to the gc's bill.


Is an advantage the owners of a sole proprietorship enjoy over the owners of a corporation?

Sole proprietors get to make all of the business decisions themselves.


What is an advantage the owners of a sole proprietorship enjoy over the owner of a corporation?

Sole proprietors get to make all of the business decisions themselves.


What Advantage the owners of a sole proprietorship enjoy over the owner of a corporation?

Sole proprietors get to make all of the business decisions themselves.


What is an advantage the owners of sole proprietorship enjoy over the owners of a corporation?

Sole proprietors get to make all of the business decisions themselves.