One of the biggest drawbacks to a sole proprietorship is that the losses can place personal assets at risk.

I'm ready.

Thank you for the best explanation!

Thank you for your explanation. This is very helpful.

I would never open my own business in the United States, especially in major U.S. cities. The government is practically destroying small business by charging sky high taxes and constantly fining small businesses. If for example you open a small restaurant, inspectors constantly come by to fine you for "new" penalties you can't possibly prepare for. Even taxi companies and drivers are constantly fined for the dumbest things. It's sad but true. You have a better chance in another country to survive in business after being in operation five years. Meanwhile, large fortune 500 companies get away with anything including tax loops so they barely pay taxes and buy off the government through lobbyists so that any law that adversely affects them is changed.

Very helpful video. Thank you so much!

This is ten years ago technology has catch up. The situation has change on sole proprietorship.

Thankyou for posting and sharing.

excellent explanation.

Great information, thanks

I think this video is very informational. Can a partner and I start a sole proprietorship?

sole proprietorship - 'single owner - all the profits and all of the loss. Also, personal assets are at risk. File income on the 1040.

so helpful thank you!

thanks for this.

The biggest drawback to the lawyer for sole proprietorship is that we don't need a lawyer.

Great video thanks!

Ok so if I'm selling online , I wouldn't really be putting myself in a liability situation.

No, two people would make it a general partnership.

Thank you

How bout if you make your customers sign a contract that their liable for everything ???

He has a good smile. :]