What is the disadvantage of having a sole proprietorship versus a corporation?
The disadvantages of a sole proprietorship include assuming complete liability for losses and paying taxes at a higher tax bracket than a corporation does on business income.
Am I required to obtain a master’s business license as a sole proprietorship?
If you are operating your sole proprietorship under a name other than your own, you will require a Masters Business License (MBL).
What is the advantage of having a sole proprietorship?
If you are anticipating a loss in your first year of operations, you will be able to deduct your sole proprietorship losses against any income that you may be earning at the same time providing you with a valuable deduction.
