Sole Proprietorship Quotes

The capitalist of our day, who is the social, economic and political successor of the feudal lord of the Middle Ages, and the patrician master of the ancient world, holds the great mass of the people in bondage, not by owning them under the law, nor by having sole proprietorship of the land, but by virtue of his ownership of industry, the tools and machinery with which work is done and wealth produced. In a word, the capitalist owns the tools and the jobs of the workers, and they are his economic dependents.

Marriage is a partnership; not a sole proprietorship.

For a sole proprietorship, the business income and expenses are reported on Schedule C of the owner's personal tax return, Form 1040. The sole proprietor pays taxes on the net income from the business as personal income.

I recommend looking into either an LLC or an S-Corp for small startups. I steer clear from partnerships and sole proprietorships, as they might not limit liability.

Marriage is a partnership, not a sole proprietorship.

Marriage is a partnership, not a sole proprietorship.

The TCJA created a tax treasure for pass-through business owners, such as landlords set up as sole proprietorships, LLCs, and partnerships. Any profits earned through the rental properties get “passed through” to your personal income tax return. If your rental properties qualify as a business for tax purposes—and they almost always do when you actively participate in the business—the new tax law lets you deduct 20 percent of your net rental income from your taxable income. That can translate into huge tax savings, freeing up more money so you can beef up your investments or pay down some debt.

Sole proprietorships and general partnerships provide no asset protection.

Business Structure Decide on a structure for your business. Sole proprietorship? S-Corp? Benefit Corp? LLC? Once you decide on a structure for your business then follow through on the proper filing to become a real company. Setting up the structure for your business can feel intimidating but this part of developing a business is not as difficult as it sounds.