If you’re starting a business, you may be wondering how to legally structure it. Should you incorporate, become an LLC, or operate as a sole proprietor?
Over 70 percent of U.S. businesses are owned and operated by sole proprietors or sole traders.
But what does being a sole proprietor involve and is it the right structure for your small business? Here’s what you need to know about the advantages and disadvantages of being a sole proprietor.
What is a Sole Proprietor?
U.S. Deputy Secretary of Commerce Rebecca Blank today announced new state export data that shows 29 states set new records for export sales in 2012. In total, 35 states achieved merchandise export growth in 2012, and 20 of those states experienced growth of at least five percent or more.Total merchandise exports from all 50 states helped contribute to the record-setting value of goods and services exports in 2012, which reached $2.2 trillion. Nationally, jobs supported by exports increased to 9.8 million in 2012, up 1.3 million since 2009.Read More
Starting or growing a business? Owning a small business can be a fulfilling endeavor, but as you probably already know or are just finding out – it requires that you wear many hats. This of course leaves you with little time to take a deep dive into the many aspects of starting and growing a business. Instead, many business owners turn to search engines for answers when questions come up.
But what if you had access to a small business classroom that provided informed, accurate and always-available access to the advice and guidance you need?
Guest blog post by Francisco Sánchez, Under Secretary of Commerce for International
Trade and David Hinson, National Director, Minority Business Development Agency
Under Secretary of Commerce for Standards and Technology and National Institute of Standards and Technology Director Patrick Gallagher today addressed a group of forensics experts at the American Academy of Forensic Science’s annual meeting in Washington, D.C. Gallagher was there with Elana Tyrangiel, acting assistant attorney general for the Office of Legal Policy at the Department of Justice, to explain each agency’s role in a new National Commission on Forensic Science, announced Friday, Feb.Read More
U.S. Senators Casey, Toomey and Congressman Barletta applaud disaster recover investmentU.S. Deputy Secretary of Commerce Rebecca Blank has announced a $15 million Economic Development Administration (EDA) grant to Columbia County, Pennsylvania, to help build control systems that will help protect vital business infrastructure in Bloomsburg, Pennsylvania, from floods. The grant announcement was applauded by U.S. Senators Bob Casey, Pat Toomey and U.S. Representative Lou Barletta, who worked with the Pennsylvania Congressional delegation to support the grant.Read More
If you are looking to make any major improvements in your business, whether it is a second location, new equipment, or an additional product line, you most likely need business financing. But getting financing for your business can be intimidating. Despite this economic downturn, banks are still lending. However, the way banks are lending to small businesses has changed pretty significantly and they are more cautious about where the money is going, especially when considering a loan to new businesses with no track record.Read More
Trying to grow your business, but thwarted at every turn by problems within your own organization or by external factors such as broken supply chains?
For many businesses, the biggest obstacle to growth isn’t poor sales, financing or tough competition; it’s often the business itself!
So, if you find yourself operationally ill prepared to grow, what can you do about it? Here are some strategies that can help you break through some of the common barriers to growth that many small businesses experience.
1. Watch the indicators for growth
In conjunction with National Entrepreneurship Week (Feb 16-23, 2013), SBA is hosting a series of online briefings to discuss “crowdfunding” strategies for entrepreneurs. The series is comprised of daily webinars Feb 19-21 and a free online briefer to showcase innovative business financing opportunities.