Sole Proprietorships Flashcards
Sole Proprietorships
______ ______, no formal organization
one owner
Sole Proprietorships
One owner, ____ ___ ______
no formal organization
Sole Proprietorships
There is literally nothing to _______.
own
Sole Proprietorships
There is literally ______ to ______.
nothing to own
Sole Proprietorships
_________ through the owner and the owner’s agents.
operates
Sole Proprietorships
operates through the ______ and the _______ _______.
owner
owner’s agents
Sole Proprietorships
Does business in the ______ ______ or as a ________ ______ _______. (legal fiction)
owner’s name
doing business as
Sole Proprietorships
Does business in the owner’s name or as a doing business as. (_______ ______)
legal fiction
Sole Proprietorships
______ _______ over carrying on the business and decision making.
100% control
Sole Proprietorships
100% control over carrying on the __________ and ________ ________.
business
decision making
Sole Proprietorships
Sole Proprietor is ______ on the hook for business failures and liabilities.
100%
Sole Proprietorships
Sole Proprietor is 100% on the hook for _______ _______ and ________.
business failures and liabilities
Sole Proprietorships
_________ may reach the individual’s personal assets, even if not used for the business.
Creditors
Sole Proprietorships
Creditors may reach the ________ ______ _______, even if not used for the business.
individual’s personal assets
Sole Proprietorships
Creditors may reach the individual’s personal assets, even if not used for the ________
business.
Sole Proprietorships
All ________ and _______ are taxed to the individual.
profits and losses
Sole Proprietorships
All profits and losses are ______ to the ________.
taxed to the individual
Sole Proprietorships
Ends when the _____ ______.
owner stops
______ __________ are not terribly efficient, no real way to organize labor or capitol, doesn’t have room for other co-owners, or frankly, investors, no tax benefit, really RISKY!! **Part of ethical duty is to tell clients about what issues they might run into.
Sole Proprietorships
What has one owner, no formal organization?
sole proprietorships
There is literally nothing to own.
Sole Proprietorship
Operates through the owner and the owner’s agents.
Sole Proprietorship
Does business in the owner’s name or as a d/b/a [doing business as] (legal fiction)
- d/b/a doing business as – create name for sole proprietorship that is not your own name.
Sole Proprietorship
100% control over carrying on the business and decision making.
Sole Proprietorship
