Business 101
Business Legal Structures
Are you curious about the Sole Proprietorship business structure?
To gain a better understanding of the Sole Proprietorship business structure, start by watching informative videos on the topic. While watching these videos, it’s a good idea to take notes, as you will look back on them to remember key points.
A Sole Proprietorship is a business structure where an individual operates their business as the sole owner. They have complete control and responsibility for the business.
To give their business a distinct name, they can use a DBA (Doing Business As), which is a fictitious name different from their legal name. Registering a DBA is important to ensure legal recognition for the business name and allows the owner to open a bank account, obtain licenses, and enter into contracts using the chosen name.
However, as a Sole Proprietor, it’s important to be aware of personal liability for business debts and obligations. Understanding this structure and the role of a DBA provides a foundation for informed decision-making in entrepreneurship.
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