A Sole Proprietorship is the simplest business structure. It’s owned and operated by one individual with no legal separation between the owner and the business.

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Key Benefits

• Easy and inexpensive to start

• Owner keeps 100% of profits

• Minimal paperwork and compliance requirements

• Complete control over business decisions

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Limitations

• No liability protection (owner is personally responsible for debts and lawsuits)

• Harder to raise funding or attract investors

• Business ends if the owner leaves or passes away

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Common Uses

• Freelancers and consultants

• Small, local businesses

• Side hustles and startups testing an idea

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