What is a sole proprietorship?

This is the simplest of business structures because there are no legal requirements to comply with when you create this kind of business structure. It allows an individual to run a business as him or her self. In this regard, the individual owner and the company are seen as one and the same. This is the simplest way to do business but it does have ramifications, one of the most significant being that you and your assets are not protected from any business liabilities and you are held personally liable for the debts of the business.