Medium
A sole proprietorship is the simplest form of business. In a sole proprietorship, total control of the business operations, profits, and liabilities are personal to the owner. A business jointly owned by a married couple who file a joint tax return is generally operated as a sole proprietorship.
If a sole proprietor:
- Attempts to obtain certain licenses or operate as an auctioneer within the state, registration may be required.
- Wishes to operate under a name other than their own, they may need to register a trade name, also known as a "doing business as" or DBA name. For more information on trade names, visit Register a Business.
Fees:
- Trade Name Registration - $25
- Trade Name Amendment - $25
- Trade Name Renewal - $25
Annual Report Requirements:
- Sole proprietorships are not required to file annual reports.
Disclaimer: This website is not intended to substitute or replace the advice of legal counsel or other professionals. Consultation with an attorney, tax professional, or business advisor is recommended to ensure appropriate consideration of all the legal implications of your decisions.