{"id":2681,"date":"2021-08-26T17:00:05","date_gmt":"2021-08-26T22:00:05","guid":{"rendered":"https:\/\/www.northone.com\/blog\/?p=2681"},"modified":"2023-05-12T21:42:20","modified_gmt":"2023-05-13T02:42:20","slug":"sole-proprietorship-advantages","status":"publish","type":"post","link":"https:\/\/www.northone.com\/blog\/business-banking\/sole-proprietorship-advantages","title":{"rendered":"Five Key Advantages of a Sole Proprietorship"},"content":{"rendered":"\n<p>When it comes to starting your business, there are many different types of business structures to choose from. Each has advantages and downsides. If you\u2019re a single-person entity \u2014 a person starting a business on their own \u2014 a sole proprietorship might be the best option for you.&nbsp;<\/p>\n\n\n\n<p>When it comes to forming a sole proprietorship, no formal action is required. Undergoing any business activity automatically makes you a sole proprietor. Any freelance graphic designer is a sole proprietor. Run an Etsy store by yourself? You\u2019re a sole proprietor. That landscaping business where you mow lawns on your own? That makes you a sole proprietor, too.&nbsp;<\/p>\n\n\n\n<p>Even though sole proprietorships form automatically, you may have to obtain appropriate licenses and permits in order to go about business proceedings legally. Regulations for licenses and permits vary considerably by industry and locality. Additionally, if you decide to operate under a name other than your own, you may need to file a fictitious name form, sometimes known as a trade name. Things also get more complicated if you make the decision to go from a&nbsp;<a href=\"https:\/\/www.northone.com\/blog\/start-a-business\/sole-proprietorship-vs-llc\">sole proprietorship to an LLC<\/a>.<\/p>\n\n\n\n<p>For now, let\u2019s walk through some of the benefits of a sole proprietorship.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Sole_Proprietorship_Advantages\"><\/span><strong>Sole Proprietorship Advantages<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"1_Theyre_Easier_to_Establish\"><\/span><strong>1. They\u2019re Easier to Establish<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Business ownership is easiest and simplest under a sole proprietorship. As a sole proprietor, you establish your own business. It is exclusively a one-person business: as a sole proprietor, you are your own business. There is no separate entity and there cannot be more than one owner.&nbsp;<\/p>\n\n\n\n<p>Having your business solely between you and yourself means you have no legal agreements to prepare. At the end of the day, it\u2019s just you, running your own business as you wish. This is often one of the biggest advantages of a sole proprietorship for many people. That said, you probably still <a href=\"https:\/\/www.northone.com\/blog\/business-banking\/do-i-need-a-business-bank-account\">need a business bank account<\/a> to keep your personal finances separate from your business finances, even though you aren\u2019t technically required to have one.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"2_Fewer_Requirements_for_Business_Taxes\"><\/span><strong>2. Fewer Requirements for Business Taxes<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>One of the primary advantages of a sole proprietorship is its simplicity, particularly <a href=\"https:\/\/www.irs.gov\/businesses\/small-businesses-self-employed\/sole-proprietorships\">when it comes to taxes<\/a>. Business taxes can be a complex task to handle, but with a sole proprietorship, the demands are less overwhelming, especially in comparison with other entities.&nbsp;<\/p>\n\n\n\n<p>As a sole proprietor, you are not required to apply for an <a href=\"https:\/\/www.northone.com\/blog\/accounting\/how-to-find-my-ein-number\">employer identification number<\/a>, or EIN, as other business structures are. This makes life a lot easier when filing taxes, as it allows you to file them as yourself rather than as a separate business. Business income and losses of a sole proprietorship are&nbsp;<a href=\"https:\/\/www.irs.gov\/businesses\/small-businesses-self-employed\/sole-proprietorships\">reported on your personal tax return<\/a>.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"3_Complete_Control_as_The_Business_Owner\"><\/span><strong>3. Complete Control as The Business Owner<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Sole proprietorships aren\u2019t just easy to set up, they\u2019re also much easier to run than other businesses. Because it\u2019s just you, you have complete control over business proceedings.&nbsp; When you have a sole proprietorship, you don\u2019t have to worry about things like company officers or registered agents that are included in LLCs or corporations. As the sole owner of your company, you have total control over decisions, finances, and other aspects of how your business functions. No need to <a href=\"https:\/\/www.northone.com\/blog\/business-banking\/how-to-open-joint-bank-account-with-business-partner\">open a joint bank account with a business partner<\/a>!<\/p>\n\n\n\n<p>A sole proprietorship allows you to attain a level of privacy and autonomy that is largely unachievable with other business structures. This is namely because the government does not require you to disclose or report information about your business as it does for corporations or LLCs, meaning you are mostly free to run your business as you wish.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"4_Less_Registration_Fees_Compared_to_Corporations\"><\/span><strong>4. Less Registration Fees Compared to Corporations<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Starting a business includes paying for registration fees upfront. That can be costly, particularly when your business hasn\u2019t made any income yet! When you\u2019re just starting out, you\u2019re likely going to have a tighter budget. But, one of the biggest advantages of a sole proprietorship is that they don\u2019t have to pay registration fees. You can also avoid the fees associated with opening a business bank account, which is a <a href=\"https:\/\/www.northone.com\/blog\/business-banking\/llc-bank-account-pros-and-cons\">con of business banking for LLCs<\/a>.&nbsp;<\/p>\n\n\n\n<p>Before an LLC or other business entity can conduct business, it must register legally in the area where they intend to conduct business. To maintain their registration, LLCs also have to pay an annual fee, and these expenses can quickly add up. This is particularly true if you\u2019re in an industry where your business will take years to establish and become profitable. Sole proprietorships are considerably less expensive than other business entities and remain so over time because there are fewer legal requirements.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"5_Easier_Banking_Set_Up_and_Operations\"><\/span><strong>5. Easier Banking Set Up and Operations&nbsp;<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>With just you running your business alone, banking and operation are significantly simpler. You don\u2019t have to worry about payroll.&nbsp; Since you can file your taxes yourself, you don\u2019t have to <a href=\"https:\/\/www.northone.com\/blog\/business-banking\/how-to-open-a-business-bank-acccount\">open a small business bank account<\/a>, but you should. A sole proprietorship is still a business, so it can be helpful to <a href=\"https:\/\/www.northone.com\/blog\/business-banking\/how-to-open-sole-proprietorship-bank-account\">open a sole proprietorship bank account <\/a>specifically for tracking your income and expenses and making sure you\u2019re staying in charge of your finances. Opening a bank account will make accounting and tax season much easier, and it\u2019ll give you more peace of mind that your assets are protected.<\/p>\n\n\n\n<div style=\"height:10px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n<span class='mb-center maxbutton-3-center'><span class='maxbutton-3-container mb-container'><a class=\"maxbutton-3 maxbutton maxbutton-apply-for-an-account\" target=\"_blank\" title=\"Apply for a North One Account in less than 3 minutes.\" rel=\"nofollow noopener\" href=\"https:\/\/join.northone.com\/\"><span class='mb-text'>Apply for an Account<\/span><\/a><\/span><\/span>\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<div style=\"height:15px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>When it comes to setting up a sole proprietor bank account, many traditional banks require a long wait, a lot of paperwork, and much more hassle than is actually necessary. But this doesn\u2019t have to be the case. Take a look into North One\u2019s quick, easy, hassle-free banking options for sole proprietors. <a href=\"https:\/\/www.northone.com\/business-account\">North One allows you to make deposits from anywhere<\/a>, connects to your favorite apps, and sends your money in a flash.\u00a0<\/p>\n\n\n\n<p>If you run your business by yourself, you can save a lot of time and money by opting for a sole proprietorship instead of other business structures. For many, their business will always be a single-person entity, making a sole-proprietorship by far the most ideal (and cheapest) option. Remember, if you intend your business to expand over time, you can always start as a sole proprietorship in the beginning and then change business structures as you grow and start to make some hard-earned revenue.<br><\/p>\n","protected":false},"excerpt":{"rendered":"<p>When it comes to starting your business, there are many different types of business structures to choose from. Each has advantages and downsides. If you\u2019re a single-person entity \u2014 a&#8230;<\/p>\n","protected":false},"author":19,"featured_media":2682,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[153],"tags":[],"class_list":["post-2681","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-banking"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Five Key Advantages of a Sole Proprietorship - North One<\/title>\n<meta name=\"description\" content=\"Here are the 5 advantages of a sole proprietorship including the ease of filing and claiming business taxes, the lower registration fees and more.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.northone.com\/blog\/business-banking\/sole-proprietorship-advantages\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Five Key Advantages of a Sole Proprietorship - North One\" \/>\n<meta property=\"og:description\" content=\"Here are the 5 advantages of a sole proprietorship including the ease of filing and claiming business taxes, the lower registration fees and more.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.northone.com\/blog\/business-banking\/sole-proprietorship-advantages\" \/>\n<meta property=\"og:site_name\" content=\"North One Blog\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/northonebanking\/\" \/>\n<meta property=\"article:published_time\" content=\"2021-08-26T22:00:05+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-05-13T02:42:20+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.northone.com\/blog\/wp-content\/uploads\/2021\/08\/Blog_Advantages-of-a-Sole-Proprietorship-_gold.jpeg\" \/>\n\t<meta property=\"og:image:width\" content=\"863\" \/>\n\t<meta property=\"og:image:height\" content=\"558\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Nicolas Straut\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@NorthOneApp\" \/>\n<meta name=\"twitter:site\" content=\"@NorthOneApp\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Nicolas Straut\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.northone.com\\\/blog\\\/business-banking\\\/sole-proprietorship-advantages#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.northone.com\\\/blog\\\/business-banking\\\/sole-proprietorship-advantages\"},\"author\":{\"name\":\"Nicolas Straut\",\"@id\":\"https:\\\/\\\/www.northone.com\\\/blog\\\/#\\\/schema\\\/person\\\/e979aee57bd4800a3711aefcb360c51b\"},\"headline\":\"Five Key Advantages of a Sole Proprietorship\",\"datePublished\":\"2021-08-26T22:00:05+00:00\",\"dateModified\":\"2023-05-13T02:42:20+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.northone.com\\\/blog\\\/business-banking\\\/sole-proprietorship-advantages\"},\"wordCount\":1059,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/www.northone.com\\\/blog\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/www.northone.com\\\/blog\\\/business-banking\\\/sole-proprietorship-advantages#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.northone.com\\\/blog\\\/wp-content\\\/uploads\\\/2021\\\/08\\\/Blog_Advantages-of-a-Sole-Proprietorship-_gold.jpeg\",\"articleSection\":[\"Business Banking\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.northone.com\\\/blog\\\/business-banking\\\/sole-proprietorship-advantages#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.northone.com\\\/blog\\\/business-banking\\\/sole-proprietorship-advantages\",\"url\":\"https:\\\/\\\/www.northone.com\\\/blog\\\/business-banking\\\/sole-proprietorship-advantages\",\"name\":\"Five Key Advantages of a Sole Proprietorship - 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