With a sole proprietorship, your personal assets could be accessed to satisfy business debts and obligations. If your business is structured as an LLC, however, your personal assets aren’t considered. .
If you take on a co-owner, your business will become a general partnership automatically.. .
Sole proprietors are self-employed and must pay their own payroll taxes, otherwise known as self-employment taxes. Some solo business owners can save on self-employmen. .
Although sole proprietors can hire employees, you’ll need to make sure employment and tax laws are followed. If you plan to hire full-time employees, operating a.
[pdf] 