Sole Proprietorships

By: Martin M. Shenkman, CPA, MBA, JD

A business run by you that is owned and operated without any legal entity (i.e., no corporation, partnership, or LLC). The advantage of using a sole proprietorship is simplicity and no cost. The tremendous disadvantage is that you will have unlimited liability for any problem. An LLC is not an option for a sole proprietor in most states since most states require at least two Members to form an LLC. The solution may be to make a spouse, child, partner, or business associate a nominal owner (Member) in order to form an LLC.

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