Sole Proprietorship

Doing business as a sole proprietor requires no formation of a corporation or LLC. You file a schedule C with your personal income tax return. All items of income and expense are reported here. The total net income is then subject to 15.3% self employment tax as well as ordinary income tax.

Currently, sole proprietors are about 10 times more likely to audited by the IRS.
Also, Your personal assets lack the protection of a corporation or LLC.

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