 With a sole proprietorship, you have full control of your business, even more control compared to the partnerships and corporation business structures. In many cases, the owner of a small business will opt to start out using a proprietorship. The owner will probably look at a corporation, forming a partnership or even a Single Member Limited Liability Company (or sole LLC) as the business grows.
What Is A Sole Proprietorship And What Can It Do For You? This is the most popular and easiest type of business to create. Just like the name indicates, a sole proprietorship has just one owner who is responsible for the operation, earnings and obligations of the business. All earnings and profits go to the sole owner. On the other hand, financial obligations, including debts, are likewise the responsibility of that single owner. Strengths and weaknesses include: • A sole proprietorship is straightforward to register and is usually the simplest to launch. Based on the particulars of the business, launching this kind of business needs to have only a small amount of operating capital. • Given that the business is made up of a single owner/operator, that individual has the benefit of making every business decision. The owner has total control. Conversely, if that individual gets sick or is somehow not physically available, the business will be affected, which then will put earnings at serious risk. • Even though the owner gets all the profits, that individual is also fully liable for all financial obligations and business responsibilities. Therefore, the personal assets of the owner are susceptible to claims. By law, that individual is fully responsible for business actions; therefore, that individual might additionally be found legally responsible for mistakes and misconduct in the business operations. In addition, even though the regulatory factors are usually relaxed, income taxes are calculated on the personal amount, and when income increases, the tax percentage will too.
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AuthorYoel “Mo” Molina, I am a lifelong resident of Miami, Fl. I am a graduate of Miami Senior High, Class of 1992, Georgia Institute of Technology, B.S. 1997 and University of Maine School of Law, J.D. 2001. I have been practicing law in Miami Since 2001. I am a former training prosecutor in the Miami-Dade State Attorney’s Office. I have experience in jury trials, appeals, and administrative hearings. I have appeared before judges across the State. My experience ranges from civil litigation matters, collection matters, foreclosure, business and corporate, contracts, real estate, leases and employment matters.. Archives
March 2021
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"Mr. Molina has always been there for us with timely, reliable and competent advice. He is an important and valuable part of our team." Corporate Client Eric Delgado, President of American International Export, Inc., a worldwide importer and exporter of brand name appliance parts. |
"Yoel has been responsive and attentive to our company’s best interests and needs. He has been a valuable resource to our company. Any company that enlists his services would be in good hands-- including our own clients.” Corporate Client Gibran Flynn - Co-Owner and Founder of Eleva Solutions, Inc., the South Florida leader of outsourced HR, Staffing, Training, and Loss Prevention. |
"My name is Anastasia Yecke Gude and I am the owner of Healing Hands Therapeutic Massage LLC. In the process of my company’s growth and expansion, I suddenly found myself a few weeks ago in need of a 1099 contractor agreement, and I needed it ASAP. As in, the very next day! I contacted the Law Office of Yoel Molina and his assistant put me in touch with Mo. I sent him what I had drafted up and he replied within a few hours with suggested revisions and clarifications, as well as a few insights I had not even considered. I was thoroughly impressed by the quality of work he provided, especially considering the time crunch I put him in (sorry, Mo!). I definitely recommend his services to anyone in need of a good contract attorney, and I will be calling him again for future work…hopefully in less of a rush next time!"
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