This is the simplest and most common form of starting a new business. It has no existence apart from its owner. A sole proprietorship consists of only “one” individual; ownership by more than one person creates a partnership.
• It is inexpensive to start a sole proprietorship.
• A separate bank account should be established to run the operations.
• The owner of the sole proprietorship controls all facets of the business.
• The business and the owner are one. There is no separate legal entity and thus no separate legal person.
• The sole proprietor is personally liable for all debts and actions of the company.
• The life of the business continues to exist as long as the business owner is alive. Once the owner dies, the sole proprietorship no longer exists.
Please contact Legal Support Center if you need help to get a Fictitious Business Name.