Examples of Sole Proprietorship

There are millions of examples of sole proprietorship businesses around us that we do business with every day. The lawn cutting person, the newspaper delivery woman, the house painter and the butcher may all be sole proprietorships.

When you get out of the realm of one- or two-person businesses, it is best to use another structure for the business. Only a qualified attorney or accountant can put you on the right track with that business structure.

The small candy and soda store can function as a sole proprietorship and the proud owner of that business and purchase a comprehensive insurance package to protect him or her against “slip and falls” in the store or other possible hazards.

Once you have a larger business, examples might be a money management firm or a company that ships goods from China and sells them in Europe and the United States and Canada, then a more protective (and expensive) business structure might be called for.

The one critical point we want to make here is that when you are starting out in business, hire an attorney for an hour or so to get his or her advice. It will be money well spent and money that you will never regret spending.

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