A sole proprietorship is a type of business entity owned and run by one individual. A sole proprietor is allowed to use a trade name different from his or her legal name. There is no separation between the owner and the business.The owner enjoys all profits (subject to taxation). The owner is the sole person responsible for all debts and losses. There are many deductions for which you may qualify. We can help you determine what deductions are available and how you can benefit from these deductions.
If you would like to learn more about the advantages and disadvantages of Sole Proprietorships we at Your Tax Solutions Inc. will be delighted to share our knowledge with you.
We can help you with organizing your books and records and filing your income tax return.