Questions tagged [sole-proprietorship]

For questions related to sole proprietorship.

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9
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1answer
1k views

Sole proprietorship or LLC?

At what point in the life of a small business would you choose to do a LLC over a sole proprietorship? What's the advantage, and what's the cost of doing an LLC?
8
votes
1answer
10k views

If you run a sole proprietorship, how do you declare the income of the business on your taxes?

Let's say I have a small sole proprietorship with only a bit of income and expenses. I can do up a balance sheet and an income statement at year end. Is that all I need to submit with my taxes, and ...
5
votes
1answer
4k views

What are the tax benefits of a LLC vs a sole proprietorship?

What tax benefits would I receive by changing my sole proprietorship to an LLC? Can the LLC do things like own a company car?