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To complete our National Small Business Week series on business structures, we take a look at the most common, the sole proprietorship. With a vast majority of U.S. businesses owned by one person, let's look at the reasons why, and also the reasons why some successful sole proprietorships later shift to other business structures.
According to I.R.S. data, as of 2006, there were more than 22 million non-farm sole proprietorships in the U.S. The sole proprietorship offers an ease of entry and level of control that appeals to many looking to dive into a new business or simply start a small business on the side.
So, what are the pro's and con's?
Benefits of the sole proprietorship include:
Meeting with a lawyer can help you understand your options and how to best protect your rights. Visit our attorney directory to find a lawyer near you who can help.
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