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BNET Business Dictionary
- Sole Proprietorship
- a business operated by a sole proprietor
- Sole Proprietorship definition on BNET »
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- Grasping the Legal Issues When Liquidating a Small Business or Partnership
- Liquidation is the process of gathering the assets of a business to settle the corporate debts. Once this process is completed, the business is then dissolved. One should not rush into this; it is important to take advice about whether this is the best route for your business. If it...
- Articles 2007-06-27
- IRS Data on Sole Proprietorship Profits Make the Case for Permanent Tax Relief
- To: NATIONAL EDITORSTo: NATIONAL EDITORS
- Research articles 2007-09-05
- Sole Proprietorships: Simple, But Not Very Flexible
- Small-business people can never just choose the form for their business and say, "That's that." It's not just that our businesses change over time. The tax laws and other regulations that influence the way we operate also are in constant flux. The vast majority of small businesses start as sole...
- White papers
- Schedule C-EZ (Form 1040), Profit From Business (Sole Proprietorship)
- If you are the sole owner of a business or operate as an independent contractor, you will need to file a Schedule C to report income or loss from your business activities. The IRS does provide a simplified version of Schedule C, known as Schedule C-EZ that can be used...
- Tools & templates 2006-11-02
- Small Business Tax Tips: Are You A Sole Proprietor (And Don't Even Know It?)
- There are two things you can do to educate yourself on the basics of filing a tax return for your new small business. First, find a local tax professional who is experienced in preparing sole proprietorship returns. Do yourself a favor and don't even try doing-it-yourself. And second, do some...
- White papers 2009-01-26
- A TAXING TIME; Internal Revenue Service expected to increase audits for small employers, sole proprietorships.
- Byline: SHAWN A. TURNER Tia Ramlow's mood darkened when she saw what arrived in the mail one day in April 2006. It was a letter from the Internal Revenue Service. Agents there wanted to speak with her regarding the return her employment...
- Research articles 2007-04-30
Additional Resources
- Partnership and sole proprietorship data for IRS
- For the first time, BEA has developed various statistics related to partnership and sole proprietorship tax returns for regions and states for 2002-2005. These data were generated for the Internal Revenue Service's Statistics of Income Division from unpublished IRS data. An article presenting the data was published in the SOI...
- Research articles 2008-09-01
- Taking Care of Your Accounts as a Freelancer
- Most freelancers are not interested in bookkeeping. Freelancing allows freedom from structures, systems, and processes; it's attractive because it allows you to focus on the work and not the surrounding administrative necessities. So, as a freelancer, you will likely need a firm resolve to apply yourself to your accounts.Keeping your...
- Articles 2007-11-12
- How LLCs Are Taxed
- An LLC is not a separate tax entity like a corporation; instead, it is what the IRS calls a "pass-through entity," like a partnership or sole proprietorship. All of the profits and losses of the LLC "pass through" the business to the LLC owners called members, who report this information...
- Research articles 2004-09-15
- Running a Business With Your Spouse
- If you are going into business for yourself and your spouse will help out a little, you don't necessarily need to hire your husband or wife as an employee or independent contractor, nor do you need to form a partnership, LLC, or corporation. If you follow certain guidelines, you can...
- Research articles 2004-09-15
- Running a Business With Your Spouse
- If you are going into business for yourself and your spouse will help out occasionally, you don't necessarily need to hire your husband or wife as an employee or independent contractor, nor do you need to form a partnership, LLC, or corporation. If you follow certain guidelines, you can continue...
- Research articles 2006-11-01
- Application For Employer Identification Number
- Sole proprietors need to have an EIN Employer Identification Number only if they have one or more employees, if they have a Keogh plan, or if they are required to file excise tax forms such as those for sales tax, alcohol or tobacco. If you purchase a business for which...
- Tools & templates 2006-02-01
- Choosing a legal structure: select your legal structure carefully. It will determine what kind of taxes you'll pay, who's liable financially and legally and what forms to file.(Start Up Guide)
- >> Sole Proprietorship Sole proprietorships are easy to set up and easy to disband. Profits are taxed at the owner's individual federal tax rate, with the amount reported on Schedule C or Schedule CZ. Sole proprietorships do not file Florida corporate income tax returns,...
- Research articles 2007-06-01
- Planning Growth Strategies for Your Small Business
- The most successful approach to growth is an integrated one. The business owner and management team must examine all functions of the enterprise to ensure they are working together to reap the benefits of expansion. Suppose a successful new sales promotion strategy designed by the marketing department has attracted many...
- Articles 2007-05-29
- Choose Your Business Structure (Wisely!)
- The article asserts that issues of liability, taxation, ease of transfer of ownership, and access to capital will help determine the optimal business structure. The decision is important and depends upon the personal goals, so one probably wants to consult the business and tax attorneys. As a business owner, one...
- White papers 2003-01-01
- Estate planning: don't overlook your business holdings as valuable assets, because your friends at the IRS certainly won't!
- Developing an estate plan that includes business assets is a very important aspect of any overall financial strategy. A well-thought-out plan can help you keep and pass along your hard-earned assets and reduce any estate taxes due at your death. Here are the different types of business organizations and...
- Research articles 2003-11-01
- Tax Savings Bulletin: An Update from Tax Strategist Diane Kennedy, CPA, Rich Dad's Advisor, Author of ``Loopholes of the Rich: How the Rich Legally Make More Money & Pay Less Tax''
- Business Editors PHOENIX--BUSINESS WIRE Oct. 23, 2002 Where You Live, What you Drive, May COST you! New IRS Audits look at lifestyles of Sole Proprietors! If you run your own business, how you've set it up may cost you an IRS audit! The IRS...
- Research articles 2002-10-23
- Observing Health and Safety at Work
- Regardless of size, all businesses have a legal responsibility to protect the health and safety of their employees and visitors to their workplaces and offices, and a range of federal and state laws exist to ensure that responsibility is met. This article explains the main steps you must take for...
- Articles 2007-06-26
- How to Manage Independent Contractors
- Federal Express is just the latest company to face big IRS fines for mishandling contractors. Here's how to manage ICs the right way. Decide Whether You Need One Goal: Learn what contractors can do for you — and...
- Articles 2008-01-07
- Cash or Accrual: Choosing or Changing a Method for Tax Purposes
- This article explains the revenue procedures 2000-22, the IRS provided small businesses with much needed guidance on choosing or changing their accounting methods for tax purposes. The article summarizes the rules that apply when businesses must pick an accounting method and examines some of the other factors that influence their...
- White papers 2001-05-01
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