Sole proprietors cannot take in a partner or co-owner, and their personal assets are at risk. Worse, you could form a general partnership by accident, without realizing it, and unknowingly allow other people to put you at risk of losing everything. A more formal business form is wise if what you sell or do is not straightforward, someone could sue your business, you want to share business resources with others, you want to take in a partner, or you might someday want to sell the business. Read more...
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