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SOLE PROPRIETORSHIPS

SOLE PROPRIETORSHIPS. SOLE PROPRIETORSHIP. Business owned / managed by 1 person 75% of U.S. Business Account for 6% of U.S. sales. ADVANTAGES. 1) Ease of start up Small amount of paperwork Small Legal Expense Meet Minimum requirements: 3 Requirements * Authorization Business License

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SOLE PROPRIETORSHIPS

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  1. SOLE PROPRIETORSHIPS

  2. SOLE PROPRIETORSHIP Business owned / managed by 1 person 75% of U.S. Business Account for 6% of U.S. sales

  3. ADVANTAGES 1) Ease of start up Small amount of paperwork Small Legal Expense Meet Minimum requirements: 3 Requirements * Authorization Business License Special Licenses for certain professionals

  4. ADVANTAGES * Site Permit Certificate of Occupancy * Name http://sbinformation.about.com/od/advertisingpr/a/businessnames.htm All takes only a few days Toughest Part?

  5. ADVANTAGES 2) Few Regulations Only industry specific regulations Example: Food, Medical Zoning Laws Require little legal paperwork = inexpensive

  6. ADVANTAGES 3) Sole Receiver of Profit 4) Full Control 5) Easy to Discontinue

  7. DISADVANTAGES 1) Unlimited Personal Liability Liability = legally bound obligation to pay debts Business Debt can ruin personal finances

  8. DISADVANTAGES 2) Limited Access to Resources Banks unwilling to offer financing in early stages Limit of skills Sales, Bookkeeping, Accounting, etc.

  9. DISADVANTAGES 3) Lack of Permanence Maintaining Business Closing shop, retirement, keeping employees

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