What is a sole proprietor?
As one might guess, a sole proprietor is the owner of a sole proprietorship. By way of comparison, the owners of a partnership are called partners (and that may be further broken down into general partners and limited partners), the owners of a corporation are called shareholders and the owners of an LLC are called members.
There are two legal forms in which you can operate your business. The first and simplest form is that of a sole proprietor. The next, form is that of a corporation, either a C Corporation or an S Corporation. Both the sole proprietor and corporation have legal, accounting and tax issues associated with them. Although many tax issues may be similar, they are unique to each entity.
