Filing to be a sole proprietorship is the simplest distinction you can give to a business. However, just because it is relatively easy does not mean you should go about it without the guidance and advice of a legal advocate. If you need to declare your business as a sole proprietorship, let the experienced business law attorneys at Shapiro Law Group, PC, in Massachusetts will help you through the process and provide any legal services thereafter.
Benefits of Sole Proprietorship
Sole proprietorship designations are ideal for a small business owned by one person and with little chance of liability exposure. Freelance workers, craftsperson’s, or salespersons with only commission as an income are ideal candidates for filing for sole proprietorships.
When you decide to file, you will need to register a name. For many, this may be their actual name. Then, you will need to apply for an Employment Identification Number. This is helpful when it comes to banking. Designating a separate business bank account with the EIN is a way to help protect against identity theft. It is the responsibility of the business owner to deal with Massachusetts payroll taxes and also workers’ compensation insurance. The person filing for sole proprietorship also needs to comply with any business licenses or permits related to his or her work. The sole proprietor is also legally liable for any defaults or debts related to the business.
Filing for Sole Proprietorship
If you are filing for sole proprietorship or would like to know what all it entails and what your responsibilities may be, a legal advocate from Shapiro Law Group, PC, can help. We will ensure you are clear about tax and liability issues so you can weigh the advantages and disadvantages of filing for sole proprietorship. Any business venture can be overwhelming and intimidating when it comes the legalities. However, it can also be exhilarating and be the beginning of a dream come true. We can help ensure you dream becomes a reality and that you are protected every step of the way. Let us further explain and help you file to become a sole proprietor, and then provide ongoing legal services you may need.
The attorneys at Shapiro Law Group, PC, are ready to help you. Contact us today to set up your free initial consultation. 339-200-9933.