Many determined individuals begin their entrepreneurial journey by operating their business as a sole proprietorship. It’s no wonder why. As a sole proprietor, the costs to start and legal formalities to maintain a business are less than when registering as other types of business entities. However, there are drawbacks to being a sole proprietor. The most significant downside is that the business owner is personally responsible for all debts and legal liabilities of the company.
It’s common for entrepreneurs to consider changing from a sole proprietor to an LLC as their business grows […]