What is the difference between a Corporation and a Sole-proprietorship?

What is the difference between a Corporation and a Sole-proprietorship?

 

A Sole proprietorship possesses a single owner that is held responsible for making necessary decisions and evaluations for the company. A corporation is an infamous business structure that holds its own identity in relation to the owners of the company. Sole proprietors hold full liability and responsibility over their business while a corporation supplies owners with limited liability so they are protected from any loses within the company. In terms of taxes, sole proprietors must showcase their profits and losses on their own personal tax forms and corporations can be accountable for double taxation. Corporations are by far more formal than sole proprietorships because they are required to hold annual meetings and keep records of all financial statements. Sole proprietorships are not required to file any reports or even hold annual meetings.

 

Form a Corporation

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