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Companies of all sizes have one thing in common: They all began as small businesses. Starting small<\/a> is the corner for those just getting off the ground. Learn about how to make that first hire, deal with all things administrative, and set yourself up for success.<\/em><\/p>\n\n\n\n Names like Sears, eBay, and JC Penney bring to mind millions of dollars in sales and lasting brand recognition, but they all have something else in common\u2014they started as sole proprietorships. As the most simplistic business structure, sole proprietorships are easy to establish and inexpensive to create<\/a>. But how beneficial are they in the long-term, and how do you know if you\u2019re suited to the limitless freedom, yet high personal liability, associated with sole proprietorships? <\/p>\n\n\n\n Here, we look at the advantages and disadvantages of sole proprietorships, how they work, and who they best serve. <\/p>\n\n\n\n A sole proprietorship is a business structure linking the owner of a business to their company. It is the simplest type of business structure and not a legal entity. Sole proprietorships don\u2019t require federal registration to operate, and the owner of a sole proprietorship is personally liable for the business\u2019s debts. <\/p>\n\n\n\n Companies structured as sole proprietorships can include individual freelancers, creatives, growing startups<\/a>, and established businesses with physical storefronts or workspaces. There is no limit to the number of people a sole proprietor can hire, though the owner is personally liable for the wages, taxes, and health and safety of employees. <\/p>\n\n\nWhat is a sole proprietorship?<\/strong><\/h2>\n\n\n\n