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In today's video, I go over everything you need to know about sole proprietorships, so if you're a new business owner wondering what the difference is between a sole prop vs something like an LLC or S Corp, then this video is for you.

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A sole proprietorship is a type of business structure in which an individual owns and operates a business on their own, without any formal legal separation between themselves and the business. This means that the individual is personally responsible for all the debts and obligations of the business, and they also have complete control over all business decisions and operations. This type of business is simple to set up and operate, and it is often used by new small businesses, freelancers, and self-employed individuals.

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Be sure to watch until the end of the video because I'll go over a bunch of things such as the pros and cons of having a sole proprietorship, access to funding, and other potential drawbacks to operating as a sole proprietorship. Although a sole proprietorship has its limits, they can be an attractive option for those who want to get started with business right away without needing a proper business entity set up.

If you found this video helpful, check out our other videos about business formation:

Business Formation Playlist:
   • How to Set Up an S Corp in 2024 (Step...  

How to Set Up an S Corp Step-By-Step for FREE (2024 Guide):
   • How to Set Up an S Corp Step-By-Step ...  

How to Create an Ecommerce Website in 2024 (Step-By-Step Tutorial):
   • How To Create An E-commerce Website: ...  

How to Elect Your LLC To Be Taxed As an S Corporation (Fast):
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How Much Does it Cost to Start an S Corp? (Explained):
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Thanks for watching! I hope you have a wonderful day!

-Charlie

#SoleProprietorship #Business #Entrepreneur

Timeline:
0:00 - Intro
0:52 - What Is A Sole Proprietorship?
1:45 - Types Of Sole Proprietors
2:06 - How Does A Sole Proprietorship Work?
2:40 - How To Set Up Your Sole Proprietorship
2:55 - Step #1
3:38 - Step #2
4:26 - Step #3
5:04 - Step #4
5:22 - Step #5
5:35 - Step #6
6:12 - Step #7
6:50 - Step #8
7:59 - Step #9
8:07 - Step #10
8:29 - Step #11
9:27 - Different Types Of Taxes You'll Need To Pay As A Sole Proprietor
9:52 - Record-keeping For Your Sole Proprietorship
10:14 - Pros And Cons Of Having A Sole Proprietorship
11:47 - Important Things To Consider
13:29 - Final Thoughts

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