What are the drawbacks of a sole proprietorship?
A sole proprietorship is a preferred business formation for many people in the Cedar Rapids area as owners retain more hands-on control of the company and its day-to-day activities. However, there are some potential drawbacks that should be considered prior to forming such a business, including a potentially smaller profit margin, increased difficulty getting loans, and higher liability.
If you are thinking of creating a sole proprietorship in Cedar Rapids, get the attorneys from Arenson Law Group, PC to walk you through the formation process and the nuances of such a company. Contact our offices today by calling us at (319) 363-8199, and we can answer all of your questions.