Sole Proprietorship

January 31, 2013

 

 

268076_beauticians_chair

 

Often when business owners start a business, they start out as sole proprietors. As a sole proprietor, the owner is the operator of the business. Many artisans and self-contractors operate their businesses as sole proprietorships because they are easy to set up. They owners use their own social security number to pay taxes. Sole proprietors often do not delegate their duties and they do not have to set up a trade name in order to operate the business.

Examples of sole proprietorships are hair dressers, landscapers, artists, designers, and daycare. These workers typically make under $100,000 per year and do all the work themselves. The business owner would be responsible for all debts and he/she alone receives all of the profits. They only disadvantage of the sole proprietorship is that he/she would have difficulty receiving funding or a business line of credit from a bank.

In order to qualify for funding, a business owner must change to another form of organization, such as a corporation, S- corporation, LLC, or partnership, which would give him more potential for profits.


Removing Late Payments From Credit Report

March 18, 2011

To read the full report, please click onto the highlighted titles.

 

Removing Late Payments From Credit Report.

 

It is important for businesses to have access to funding when they need it. If your credit report is in order, you will have a better chance at receiving financing. If not, here is what you can do. (Click onto the Link above the picture.)


Know Your Rights Regarding Your Banking Procedures

March 11, 2011

Know Your Rights Regarding Your Banking Procedures.

Banking procedures have changed because of the new credit card legislation.  Banks are regulated and have more recourse when you do not pay your fees.