A sole proprietorship is among the most basic and simple forms of business organization, and as such, is also one of the most common types of business in existence. A sole proprietorship is owned by a single person who owns the entirety of the business’s property and interests, and is conversely responsible for 100 percent of all liabilities and management duties involved in the operation of the company.
When determining what type of business entity to select as you form a new company, it is absolutely essential that you take the time to fully understand the benefits and drawbacks of each entity available to you and understand the goals and future ramifications that this choice may have. At Slater Pugh, Ltd. LLP, our experienced team of Texas sole proprietorship lawyers takes a personal approach to each client and work directly with their needs to find a business formation strategy which is best suited to the unique qualities of the proposed company, as well as its anticipated future. To learn more about how our legal team can lend your company guidance, call us today.
Legal Concerns Of A Sole Proprietorship
There are a number of attributes of a sole proprietorship that distinguish it from other business entities, and understanding these qualities is an essential part of beginning a new company. Our legal team can advise you on all of the following relevant issues:
- Taxation requirements and considerations
- Potential licensure or registration requirements at the state and municipal levels
- Transferability of ownership
- Capital requirements and limitations on raising capital
- The limited duration of business attributed to sole proprietorships
All of these issues can have significant impacts on the way your business is run and operated, and will directly affect the health and success of the company.
At Slater Pugh, Ltd. LLP, our legal team is committed to providing personalized representation and guidance in business formation which helps each client fully understand the ramifications of these choices and establishes business plans uniquely tailored to each new business’s needs. To learn more about how a sole proprietorship may be the right choice for your business, contact our team of Austin sole proprietorship attorneys today.