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A sole proprietorship, also known as a sole tradership, individual entrepreneurship or proprietorship, is a type of enterprise owned and run by only one person and in which there is no legal distinction between the owner and the business entity. [1]
obrt: ≈ sole proprietorship; several types: slobodni obrt (free proprietorship), vezani obrt (tied proprietorship), and povlašteni obrt (privileged proprietorship) registered according to profession where tied and privileged types are reserved only for master craftsmen): paušalni obrt (flat-rate proprietorship), obrt-dohodaš (income tax ...
There are a number of legal benefits that come with incorporation. One significant legal benefit is the protection of personal assets against the claims of creditors and lawsuits. Sole proprietors and general partners in a partnership are personally and jointly responsible for all the legal liability (LL) of a business such as loans, accounts payable, and legal
Sole proprietorship vs. LLC: Which is right for you? The decision to form an LLC is a personal one that depends on your business goals, overall risk level, and the amount of time you're willing to ...
As a sole proprietor, you and your business are one and the same. Your business’s debts are your debts, and you have to pay them if your company can’t. If someone sues your company, they’re ...
The two most popular ways of organizing a small business are LLCs and sole proprietorships. They are less costly and complicated compared to the alternatives of corporations and partnerships.
Sole proprietorship: A sole proprietorship is a business owned by one person. The owner may operate on his or her own or may employ others. The owner of the business has total and unlimited personal liability for the debts incurred by the business. This form is usually relegated to small businesses.
Sole proprietors file small business taxes on their individual tax returns using Schedule C to outline the profit or loss from the business. Limited liability company (LLC)
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