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What does it mean to have a sole proprietorship?

What Does it Mean to Have a Sole Proprietorship?

 

 

What does it mean to have a sole proprietorship? | TNG Legal | Attorney Tonya N. Gibbs | http://tnglegal.com/ | (540) 632-1864 | general@tnglegal.com

Video Transcript

To have a sole proprietorship means that an individual has started a business. It is one of the easiest types of businesses to form and one of the least expensive. However, one of the issues with a sole proprietorship is the fact that the business and the individual are actually one and the same. They are not considered separate and apart from one another. Therefore, the creditors of the businesses can actually come after the personal assets of the individual, such as your asset in your home, personal bank accounts, or even your vehicle. So it’s not the safest. It’s the easiest, but it’s definitely not the safest type of business to form.

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