How Do I Start a Sole Proprietorship in NYC?

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Establishing a Sole Proprietorship in Delaware

To start a sole proprietorship in Delaware, follow these seven steps:

  1. Select a business name
  2. Obtain an EIN
  3. Acquire necessary licensing
  4. Open business bank accounts
  5. Understand tax requirements
  6. Comply with regulations
  7. Get insurance

Cost of Starting a Sole Proprietorship in NY

To start a sole proprietorship in New York, there are no costs involved initially. However, registering a DBA typically ranges between $10 and $100, while forming an LLC can cost between $100 and $800.

Establishing Yourself as a Sole Proprietorship

In Delaware, establishing a sole proprietorship involves obtaining a state business license and following specific steps for setting up the business. Sole proprietorships offer simplicity and flexibility, but lack asset protection found in LLCs.

A sole proprietorship offers simplicity and flexibility, providing full control and direct revenue flow to owners. However, they do not offer liability protection, making assets vulnerable if sued.

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