A sole proprietorship is a one-person business that is not registered with the secretary of state as a corporation or a limited liability company.
A sole proprietor does not have “limited liability” protection and may be held personally liable for any business-related obligation. This means that if your business doesn’t pay a debt or loses a lawsuit, the plaintiff can come after your house or other personal assets.
For more information on Sole Proprietorships call us at 503.222.9057 or contact us online today.