Starting a Sole Proprietorship
Start your sole proprietorship in Oregon. Obtain licenses and permits. Open a business bank account. Comply with zoning. Separate accounts.
Key Points for Sole Proprietorship in Oregon
- A sole proprietorship has a single owner.
- Certain licenses and permits may be required depending on the business.
- Sole proprietors must file a Schedule C form to report profits and losses.
- In Oregon, you can operate under your full name or register a DBA. Verify name availability if using a DBA.
Tax Considerations for Sole Proprietorship
Sole proprietors must file a Schedule C form with their personal 1040 tax return to report business profits and losses. The Schedule C form is the primary tax form used.
Registration and Requirements
In Oregon registration is not required for a sole proprietorship apart from tax purposes.
Starting a Sole Proprietorship in South Carolina
Start your sole proprietorship in South Carolina. Search your business name to ensure availability. Obtain licenses and permits. Register for taxes. Open a business bank account. Consider forming an LLC to limit liability. Use state resources and incentives. Comply with zoning. Separate accounts.
Key Points for Sole Proprietorship in South Carolina
- A sole proprietorship has a single owner.
- Registration with the state is not required unless you hire employees.
- Certain licenses and permits may be required depending on the business.
- Sole proprietors must file a Schedule C form to report profits and losses.
Advantages and Risks of Sole Proprietorship
The main advantage of a sole proprietorship is that the owner makes all decisions and receives all profits. However, the owner has unlimited personal liability for debts and obligations. The three biggest threats are personal liability, unstable business structure, and difficult business continuation.