Let’s say your family decides to set up a lemonade stand on a random Saturday. You get the ingredients, set up a table and signs, and start selling. You are operating as a sole proprietor. A sole proprietor is simply the name given to someone who starts engaging in a business by herself without setting up a formal corporate structure. You run your business and you keep your profits. You and your kids run the successful stand for the summer. However, that fall, you get hit with a ...
