Reason limited registration code6/10/2023 ![]() In a sole proprietorship your business and personal assets and liabilities are not separated. ![]() If you never select a business structure but operate your business, then you are considered a sole proprietorship. Sole proprietorship: This is the default business structure. Here is a brief overview of some of the most common business structures. Because the business structure you choose affects so much, it’s important to do this first. The business structure (also called a business entity) you choose affects the way you file for taxes, your day-to-day operations, and how much your personal assets are at risk if your business fails. The first step is to decide on a business structure. But remember, Square does not provide legal or tax advice, and this article is not a substitute for advice from an attorney or tax advisor. Below, we explain the basics of how to get your business registered. The process of registering a business is different depending on the type of operation you’re starting, how big it is, and what state you live in.
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