Get FREE Quote

Running Your Business as a Sole Proprietorship

Running your business as a sole proprietorship is a relatively easy way to get your business started. In fact, since a sole proprietorship is so simple it is one of the most common businesses around today. Most of the time all it takes to start a sole proprietorship business are merchant accounts and services or products to sell. It does not require the filing of any specific types of papers to get the business started. In addition, you do not have to pay corporate income taxes. You can even take advantage of credit card processing services in order to make it easier to run the business alone.

The Definition of a Sole Proprietorship

The difference between a sole proprietorship and the average business is the fact that only one person operates the business. When you own a sole proprietorship, you are the only one that makes the decisions. In addition, you take all the risks and reap all of the rewards. Although you are the only one running the business, you do have the power to hire multiple employees. Only you can have equity stake in your company. There are no formal procedures that you have to go through in order to get your business started. In fact, if you have merchant accounts that provide a way for customers to make payments, you can get started right away. It is relatively inexpensive to get started and to provide credit card processing methods. Since you are the only one involved with making the decisions, you can focus more on the business and less on anyone with stake in that business.

Sole Proprietorships and Taxes

One of the main advantages of having a sole proprietorship is the fact that you do not have to file separate tax returns for the business. All you have to do is report all of the income for your business on Schedule C. This is an attachment to the 1040. In addition, there is no difference between you and your business as far as taxes are concerned. This means that the earnings that you make individually and from your business will not be taxed multiple times. If you did not have a sole proprietorship, your company’s income will be taxed as corporate income and your salary will be taxed as personal income. You can also take advantage of any losses your business had to balance out your other income.

Leave a Reply

GET FREE QUOTE TODAY AND START SAVING


Testimonials

It took me a while to decide who I wanted to settle with to handle all of my credit card transactions because every company wants to make it sound like they're offering you the best rates. CreditCardProcessing.com was able compare and beat all of the other offers I received. They were also able to provide me the fairest price on my EMV-compliant terminal. My sales representative and the support team were there to assist every step of the way. Ultimately, I'm looking forward to a long term relationship with this company.

Roland Tran from the Hong Kong Kitchen

It is a pleasure dealing with these folks. Their pricing is fair, their statements are understandable and their employees are knowledgeable and friendly.

John MacMillian from the Great Lakes Baking Company

The service was very professional, my sales person (Steven B.) was very well versed in the product and most helpful in getting our company set up to accept credit cards via my cell phone. Their rates are some of the lowest on the market and their service is unparalleled. I will recommend them to anyone requiring a credit card processing service.

Michael Harper from Deluxe Auto Body

Jonathan C. is wonderful to work with. He is very helpful, accommodating and resolves any issue quickly. It is hard these days to find someone who gives great customer service, but I can say, Jonathan is the best! I would not hesitate to recommend him to any business owner and to assist you in helping to grow your business.

Linda Garner from Regali Da Forno

I called indecisive about getting a device, but speaking to your Sales Consultant completely settled me. He was very professional, knowledgeable and patiently walked me through the process. He always responded to my voicemails and answered all my questions. After I received my merchandise, he called following up to ensure that I had received it. Customer service I would say is 5 stars. Stellar! Thanks Credit Card Processing, I will definitely recommend you.

Sarah Morgan from Vision International Ministries
Call Us Today!

© 2017 CreditCardProcessing.com. All rights reserved. Privacy Policy
CREDITCARDPROCESSING.COM, LLC is a registered ISO of Wells Fargo Bank, N.A. Walnut Creek, CA

*Further terms and conditions may apply. Promotion contingent upon CreditCardProcessing.com's receipt of written competing offer(s).

**Certain restrictions may apply.

Promotional offers brought to you by CreditCardProcessing.com.

EMV™ is a registered trademark of EMVco, LLC. Apple, the Apple logo, iPhone and Apple Pay are trademarks of Apple, Inc., registered in the U.S. and other countries. Android™ is a trademark of Google, Inc.

Call for details.