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It is highly likely that new business owners will start out as a Sole Proprietorship or a Partnership and eventually progress as the business grows into a corporation or a LLC. Determining the difference between these types of organizations is an important part of learning the basics of business administration and management.

Sole Proprietorship

A Sole Proprietorship or a Partnership is typically the first step to business ownership. A single- owner business that is not registered in any way as an LLC or Corporation is considered a Sole Proprietorship. Owners of these types of businesses are still responsible for paying taxes and complying with all local, state and federal business regulations.

A Sole Proprietor not only has all of the responsibility of running the business but also assumes all liability should the business fail. Debts and losses are incurred by the individual and personal assets are not protected.

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