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Sole proprietorships make up nearly 86.4% of nonemployer businesses in the U.S., illustrating their popularity among entrepreneurs drawn to simplicity and independence.

This business structure is owned and run by one individual, with no legal separation between owner and business, meaning personal responsibility for all debts and obligations.

Starting a sole proprietorship is straightforward and inexpensive, making it ideal for those with limited startup funds or testing new business ideas.

Owners enjoy complete control, direct profit retention, and simplified tax filing, reporting business earnings on personal returns and avoiding double taxation.

However, sole proprietors face unlimited personal liability, putting personal assets at risk for business debts.

Funding can also be harder to secure, and all business responsibilities rest on one person.

This structure suits those seeking autonomy in low-risk ventures, though growing businesses may benefit from becoming an LLC or corporation for added protection.

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