Sole Proprietorship

What is a Sole Proprietorship?

A sole proprietorship is a simple business structure where one person owns and runs the business in their personal capacity.

Think of it like this…

You are the business — there’s no separate legal entity.

Why does it matter?

Quick and inexpensive to start
Profits are taxed in your personal name
Owner is personally liable for business debts

Best practice

Keep separate bank accounts and records even though separation isn’t legally required.