When planning to open up your own business, it is important just like for the removing reviews from Google team, to know what you are getting yourself into and what could be the best business type for your company. By business type we mean whether you want a sole proprietorship, partnership or want to be involved in a corporation. A sole proprietorship is a business owned by only one person. This most common form of ownership since it accounts for 75 percent of all U.S. businesses. A sole proprietorship is the easiest and cheapest type of business to form; if you want to use your own name as the business’ name, you just need a license and can get started. Once you’re in business you’re subject to a few government regulations.
For the removing reviews from Google team, they have chosen to join that 75 percent of businesses that are a sole proprietorship because they wanted to only have one person in charge of everything and run it the way that they like. The advantageous to a sole proprietorship is that it is an easy and inexpensive form of business since there are few government regulations, you have complete control over your business, you get all the profits earned by the business and you don’t have to pay any special income taxes. The disadvantageous to a sole proprietorship includes having to supply all the different talents needed in order to be able to make your business successful, if you die, the business dissolves, have to rely on your own resources for financing and if the company incurs a debt or suffers a catastrophe, you are the personally liable since you have unlimited reliability. When it comes to sole proprietorship and unlimited liability, it starts with the sole proprietorship then the debt incurred by the company goes to the third party lender, then the owner’s personal liability for the company’s debts goes to the sole proprietor (owner) and then the owner’s personal investment in the company goes to the sole proprietorship.