What does it mean to have a sole proprietorship?Return to Video FAQs
A sole proprietorship is a company that you do in your own name. You’re not an LLC. You’re not a corporation. You’re not a partnership. You’re basically just yourself doing business. And it has unique risks. It has unique advantages, but it has a lot of risks, because you’re not insulated from any kind of lawsuits that happen as a result of you doing business. And so if you’re sued, you’re going to be sued in your own name, and any personal assets that you have, like your family house, your family car, will be at risk. And so it’s really good to incorporate or form an LLC to protect yourself from those risks.