The Advantages of Setting Up A Business As A Sole Proprietorship

Written by Adam Peck Category: Injury Law January 16th, 2013 1 min read

There are several advantages to setting your business up as a sole proprietorship. Principally among these advantages is that sole proprietorships are very cheap and easy to setup, and fairly cheap and easy to run. This is because there are not a lot of laws and formalities that you have to worry about complying with. Thus, you do not generally have to hold any formal meetings, make any filings with the state (unless you are using a fictitious name) or pay the state any ongoing fees says California Business Lawyer Steven C. Peck.

Running a sole proprietorship can also make your life easier because you can mix your business and personal assets without worrying about running afoul of any legal requirements (although this is not necessarily a good practice from a practical standpoint), and your business taxes are relatively easy to prepare and file as your profits and losses are simply reported on your personal tax returns. Finally, if you start your business as a sole proprietorship and later find that your needs have grown and you need to run the business in a more complex form (such as an LLC), it is relatively easy to change the business form.

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Written by Adam Peck

Expertise: Personal Injury

Adam J. Peck, ESQ is a principal with Peck Law Group, APC. In 2008, Mr. Adam Peck received his Juris Doctorate from Whittier Law School where he graduated Cum Laude. His practice is primarily dedicated to representing Elders, Dependent Adults, along with their loved ones and family members, who have suffered horrific personal injuries.