A sole proprietorship is basically a type of a business structure. There is an at least one owner that runs the business who is fully responsible for the trade’s liabilities. In most cases, a sole proprietorship is indeed small since medium or large companies (companies that have decent profits) tend to form LLCs for tax reasons as well as for legal reasons (to avoid having responsibility of the company’s debt in case something goes wrong).
The Accounting and Finance Community
ARTICLES
Accrued Rent Income – Example With Journal Entries
When is Earned Revenue Reported?
Do You Pay Tax on Drawings From a Business?
Contingent Asset Accounting and Analysis
Accrued Revenue Accounting and Journal Entries
Accrued Expense Accounting and Journal Entries
Prepayments Occur When Payments Are In Advance
Sunday, January 24, 2021