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efren
Apprentice
Joined: 28 Mar 2005
Posts: 7
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 Posted: 11/15/07 - 11:01 Post subject: |
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| I was thinking about starting sole proprietorship. At one point, my wife tried to talk me out of it but she did not succeed in it. She is very concerned because I would be personally liable for all the debts. Still, I am determined to become a sole proprietor and nothing can change that. Do you know something about tax on sole proprietor? I would like to know more about what I am going to be faced with in the future. |
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esdras
Apprentice
Joined: 14 Mar 2007
Posts: 5
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| Posted: 12/04/07 - 03:18 Post subject: |
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| Conducting your business as a sole proprietor has many advantages. You can earn a lot of money. However, like any other business there are many advantages as well. Concerning you question about taxes you will be in a position to avoid double tax and to deduct loses. This way you will reduce your income tax burden. Nevertheless, I have to mention that you as a sole proprietor might have to pay higher income taxes. You have to keep accurate records for your future business and separate them from your personal expenses. |
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