Is a sole proprietorship best?

There are several reasons why someone might choose to operate their business as a sole proprietorship. One reason is that it is relatively simple and inexpensive to set up a sole proprietorship. Unlike other business structures, such as corporations and partnerships, a sole proprietorship does not require any formal registration or legal documentation to establish. Additionally, a sole proprietorship allows the owner to have complete control over the business and to make all decisions without needing to consult with partners or shareholders. Finally, the profits and losses of a sole proprietorship are taxed on the owner’s personal tax return, which can be simpler than dealing with corporate taxes.