TC Tax Service

Sole Proprietorships

Posted on17. Dec, 2008 by Terry.

The largest majority of small businesses start out as sole proprietorships.  These firms are owned by one person, usually the individual who has day-to-day responsibilities for running the business.  Sole proprietors own all the assets of the business and the profits generated by it.  They are also responsible for all of its liabilities and debts.  [...]

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