The Benefits of Being a Sole Proprietor

January 16, 2008

I’d been looking forward to the day when I could incorporate my business, but it looks like there are some benefits to being a sole proprietor that I hadn’t realized.

Check out “The Big Hidden Tax Benefits of Sole Proprietorship

Thanks to Matt at Simple Cash Blog for giving me the head’s up on this article.

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3 Responses to “The Benefits of Being a Sole Proprietor”

Josh Spaulding (9 comments.) said:

January 16th, 2008 at 10:14 pm

I Incorporated last year. When I went to my CPA to tell him about it he just about had a heart attack. I still don’t know, nor do I really care why it’s better, but he’s a smart guy so I trusted him when he told me to dissolve it, which I have, and do everything in my name.
John S. Rhodes (1 comments.) said:

January 30th, 2008 at 4:55 pm

But Josh, what about legal protection? Don’t you feel you need either a corporation or LLC to prevent folks from bashing you over the head — legally — and taking all your money? Sounds like the accounting guy put you at legal risk. Talk to *both* a CPA and attorney.
Josh Spaulding said:

February 1st, 2008 at 8:50 pm

Nah, I don’t feel the need to, to be honest with you. I do things ethically and always solve issues reasonably. Although I know there are butt-heads out there who just see a paycheck, I make it a point to cover my a** in everything I do. If I get sued for a thousand or two I’ll live. Keep in mind the accusation would have to be proven for me to be at fault as well.

This year will be my first 6-figure year online. When I get into 7 figures I’d imagine I’ll stand up an LLC or corporation once again, but for the time being I’m comfortable with my sole proprietorship.