This is the simplest form of business structure for a business owned by one person. It offers absolute authority to the owner. On the other hand, there's no one else to share the responsibilities and the potential liabilities with you. Easiest type of business to start and the least expensive to establish. Most flexible form of business because sole proprietor has absolute authority.
Owner assumes unlimited personal liability for debts and lawsuits.
Owner's death or illness can endanger the stability of the business. The ability to raise capital is limited. Click here for County Clerk's office addresses . You can purchase the necessary form at a commercial stationary store. In a partnership, two or more persons agree to share ownership, management responsibilities, and liability for a business.