Partnership/Sole Proprietorship occurs when there is one or two people running the entire business. Start-up fees are much lower and there is no annual compliance. All business-related assets become subject to the owner’s personal liabilities and visa versa. Although simpler to establish and operate, this is the least desirable form of business entity if liability is of concern.
For a quick response to your questions regarding Sole Proprietorships or Partnerships, contact Timothy Leahy below: