Nevada corporations and LLC's Sole Proprietorship Financial Exposure. Proprietorship personally liable for all liabilities and obligations of the business. Proprietor is the sole source of capital.
All profits belong to the proprietor.
No need to distinguish between cash generated by enterprise and cash for personal needs. No separate taxable entity. All profits and losses of the business are reflected on the return of the proprietor. Management and Control. Day to day managerial and operational control and all control over extraordinary transactions vested in the individual proprietor.