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Piett and Wright Las Vegas Attorneys at Law
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509 South 7th Street Las Vegas, NV 89101 Phone: 1-702-566-1212 Fax: 1-702-566-4833 Toll Free: 866-373-0012 E-mail: This e-mail address is being protected from spam bots, you need JavaScript enabled to view it |
| Sole Proprietorships |
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The most basic of business organizations, a sole proprietorship is owned and operated by an individual for profit. That individual acts as the sole owner, manager, and decision maker. The sole proprietorship therefore lives and dies with its owner. With few exceptions, sole proprietorships require no formal filings with the government and are not required to follow any formalities in their operation. Sometimes however, a sole proprietor may be required to maintain a business license or file for a fictitious firm name in the appropriate city or county. With regard to taxes, a sole proprietorship’s profits and losses are reported on the owner’s individual tax return. Business losses are treated as deductibles. With regard to liability, sole proprietorships provide the individual owner no protection against liability. The sole proprietor can be held personally liable for anything that happens with the business and may have their personal assets attached in the case of a successful lawsuit. |