View Changes And Revision History Of Legal Washington Startup For Sole Proprietorship Forms For Free

Minimal paperwork and low set-up costs are two major benefits of having a sole proprietorship. In addition, there is the ease of maintaining it. In fact, ing to the SBA, it's the simplest and least expensive business type you can establish.

Registration is optional in the case of General Partnerships. A sole proprietorship is a business that is owned and managed by a single person. You could have one up and running within 10 days, which makes it very popular among the unorganised sector, particularly small traders and merchants.

Change owner's legal name to: To change ownership structure, e.g., sole owner to corporation, or to assume an existing business, visit dor.wa.gov/changeownership.

Among one of the biggest disadvantages of a sole proprietorship is unlimited liability. This liability not only spans the business but the business owner's personal assets. Debt collectors can access your savings, property, cars, and more to see a debt repaid.

The process to change a business structure (for example, change from a sole proprietorship to a corporation) is the same as starting a new business. Use the Business Licensing Wizard to get information and links that will help you do the following: Create your business structure with the Washington Secretary of State.

An LLC has distinct advantages in the areas of legal protection and liability. While there are filing fees for setting up an LLC, that cost can be well worth it when compared to the thousands of dollars you could be liable for as a sole proprietor. On the other hand, it costs no money to start a sole proprietorship.