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Sole Proprietor

By IncNow | Published October 19, 2013

1. This literally means a “one owner” business. Usually this refers to an unincorporated business. The operator/owner is held fully liable for all business debts and expenses of the company.
2. In the context of taxation, it can refer to a single member LLC taxed as a sole proprietorship, where the income and expenses go on the individual’s Schedule C of his Form 1040 tax return. Although this often referred to as a “disregarded entity” that is only for tax purposes. For liability protection a single member LLC is still regarded as an entity separate from its member.

When deciding where to form your company, consider that Delaware has advantages over your home state that may benefit you. Go