A sole proprietorship is one of several possible business models that our lawyers at Arenson Law Group, PC know you might be considering when forming your business in Cedar Rapids. As with any other type of business, there are many different regulations and structures for sole proprietorships that any business man or woman looking to form this type of company needs to be aware of and consider. In order to make sure you are conforming with all legal regulations and putting the structures in place that you need to be successful, it is advisable to have a skilled business attorney guiding you through this process.
What You Need to Know about a Sole Proprietorship
There are several ways in which a sole proprietorship differs from other forms of business, and anyone considering this type of business should be aware of these differences. For instance, in a sole proprietorship, you should be aware that:
- They carry higher liability
- They are considered the same legal entity as their owners
- They might find it more difficult to get loans
Despite these possible difficulties, many budding business owners prefer the structure of a sole proprietorship to other business models, largely because of the personal control that they can retain over the business and its day-to-day activities.
Discuss Sole Proprietorship with a Business Attorney in Cedar Rapids
If you are thinking about forming a business, and you’re considering a sole proprietorship as a potential option, then it’s important that you ensure that you know all that you can about this type of business and how to make it as successful as possible. The attorneys at Arenson Law Group, PC can help you through the entire process and address any questions or concerns you have. Get in touch with us at (319) 363-8199 today.