FWIW, a sole prop isn't a one-person show. You can hire 1000 people if you want to. What it means legally is that you and your business are the same. You have unlimited liability and you're taxed on a personal income basis.
I understand what they're saying here, but it's strange to confuse the size/style of business with sole prop, partnership and other legal terms.
Also, if you've run a business that's a separate P/L inside another business, a project where the money is coming from a 3rd party or anything involving 'investment' you know you are in no way captain of your own ship at that point.
Comments
FWIW, a sole prop isn't a one-person show. You can hire 1000 people if you want to. What it means legally is that you and your business are the same. You have unlimited liability and you're taxed on a personal income basis.
I understand what they're saying here, but it's strange to confuse the size/style of business with sole prop, partnership and other legal terms.
Also, if you've run a business that's a separate P/L inside another business, a project where the money is coming from a 3rd party or anything involving 'investment' you know you are in no way captain of your own ship at that point.