So you are thinking about starting a business, and you have heard about these "different business entities" that you can choose from. Do you want a corporation, an LLC, or maybe a sole proprietorship. In the next few weeks, I will be publishing several videos talking about the basics of each of these types of business entities.
In today's video, we will be talking about a Sole Proprietorship; the basics of what it is, the benefits to creating one, and the major detriments as well.
In the video, I make reference to an IRS website that lists all the potential tax items for a Sole Proprietorship and contains all the necessary forms; here is the link to that website - https://www.irs.gov/businesses/small-businesses-self-employed/sole-proprietorships .
Also, in the video, I put a note in to the video regarding state taxes and licensing requirements; please know that I intend to discuss these items in more detail in a later video.
As always, please remember that: 1) I am an attorney, but I am not your attorney (unless you have hired me); 2) I cannot give out personalized, specific legal advice to non-clients, and 3) I am licensed to practice law in Washington, Florida and Illinois; as such, if you are not in one of these States, my ability to assist you may be limited.