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A sole proprietorship qualifies as a company, but it only has one owner and isn’t required to register with state enemies. Beginning a sole proprietorship is extremely simple and doesn’t require a formal filing or paperwork process. All you have to do is simply go into business. Though as a sole proprietor you are exempt from tedious paperwork, you must still acquire the standard set of permits and licenses of your industry. If you seed the term DBA, it stands for “doing business as” and is frequently used to indicate the existence of a sole proprietorship.

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In the eyes of the Internal Revenue Services and related legal regulations, you and your proprietorship are the same entity. This means that any profit you gain through your sole proprietorship is also counted as personal income. Your individual tax return and business tax return will be one and the same. However, you should also note that sole proprietors may be eligible for certain tax credits and taxation rules. For example, self-employed individuals enjoy a standard tax deduction and a modified tax rate to account for their lack of employer-subsidized benefits.

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Sole Proprietorship Firm have following advantages a) Less Costing b) Less Compliance c) Less Income Tax

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In the Sole Proprietorship Firm have the following disadvantages a) Unlimited Liability b) Can’t include the partners c) Can’t raise the funds d) Not a Legal Existence