Sole Proprietorship - Schedule C
What Are Some Advantages And Disadvantages Of Selecting To Be A Sole Proprietor Compared To Other Entities?
Some advantages are: it has minimum legal restrictions; and is easy to discontinue. Some disadvantages are: unlimited liability; your income tax cannot be deferred by retaining profits; and you may not bring in new owners or outside capital contributions. Speak to your local CPA to determine the best entity choice for your needs.
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