Lawrence Blau & Associates, LLC © ALL RIGHTS RESERVED. 

Lawrence blau & associates, llc

Sole Proprietorship or general Partnership

A sole proprietorship or general partnership is selected by default if you do not select another business structure.   A general partnership has multiple owners and a sole proprietorship has a solo owner.  

  • Both these entitles offer one major drawback: there is no separation between the business and business owner.  If your partnership or sole proprietorship is sued or cannot pay its bills, your personal assets may be subject to collection for the debts of the business.  
  • These are the simplest entities to form and offer the least amount of tax and financial problems.  You can set up favorable retirement plans and pre-tax benefits under both types of entities.
LAWRENCE BLAU & ASSOCIATES, LLC TAX SERVICES, ACCOUNTING AND FINANCIAL ADVISORY SERVICES

Business Formations:

Understanding Personal Liability & Various Tax Treatments

Image of sole proprietor

914-941-5533

info@LawrenceBlau.com

​6 Sleator Drive, Ossining,  NY 10562

CONTACT US