Iowa Sole Proprietorship Definition
Iowa Sole Proprietorship
DEFINITION
To create a sole proprietorship, an individual need merely begins to do business. However, it may be necessary for the individual to have a business license, a sales tax permit, or to register the business name. Again, check with a qualified professional. Advantages of this form include that the owner has a high degree of control, operation is easier than some other forms of business, certain employment taxes may be avoided, the business may not be subject to certain federal regulations, and assets can be shifted in and out of the business easier than under other forms of business. Disadvantages include that the owner’s individual assets are not shielded from creditors of the business and the owner’s income may not be tax deductible since the owner is not considered an employee. Other concerns with a sole proprietorship include that the business will have a limited life since it will probably cease upon the death of the sole proprietor.
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Terri J Lee S.
Arizona Member
I originally joined LegalShield because I wanted to get my will completed. However, I have kept my membership because of the value it provides. I feel good knowing that if I have a legal question or if I need help with a legal document, I can contact LegalShield. I would highly recommend this company, and in fact, I have referred some of my friends and family members
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