A sole proprietorship is the simplest form and the most prevalent form of business in the United States. A sole proprietorship is a business which is owned and operated by an individual proprietor who takes care of all business transaction, debts, and liabilities.
The business may be passed on to heirs as the owner deems fit. The own is obliged to pay taxes on income from business as a part of personal income tax payments. Although the business is obliged to comply with legal formalities there are less paperwork’s and hence it is easy to start.