What Companies are Sole Proprietorships?
“any big companies that are run using a sole proprietorship? I cant seem to find any” That’s becaus a sole proprietorship is really just the person doing business as the company. He may have employees and such, but because of liability issues (lawsuits, etc) people form corporations or LLCs to protect themselves. A corporation or LLC is recognized as a legal entity; that means it pays taxes, can be sued, etc. And since it is separate from the owner(s), it protects his (their) assets from lawsuits. You’ll need to look around your town for a sole proprietor. Some contractors and tradespeople are still sole proprietors. Look for somebody that only has himself as an employee, like a single hairdresser. Oh, the individual stylists in a salon might be “independent contractors” which is another way of saying sole proprietor. A sole proprietor files a Schedule C as part of his regular tax return. He is responsible for both parts (employer and employee) of the social security (FICA) tax. He isn
