As a sole proprietor, you are technically one and the same with your business. There is no legal distinction between you (the owner) and the business. This means that you are liable for the same business debts and legal proceedings as the business. Your assets (your car, house, and other personal property) also belong to the business. If you’re going to be a sole proprietor, you’ll need your Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN), and in some cases you may have to apply for and Employer Identification Number (EIN) or file as a business Doing Business As (DBA) with your local government agency, typically the City or County Clerk’s Office.
Sole Proprietorship
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