Sole proprietorships meet goals of being easy to set up, requiring minimal ongoing paperwork, and simplifying income tax calculations.
Easy to setup and start: A sole proprietorship is the simplest form of business to establish, requiring minimal paperwork and allowing for a quick setup.
Minimal ongoing paperwork: Unlike other types of business structures, a sole proprietorship involves minimal ongoing paperwork, reducing administrative burdens.
Easier income tax calculations: Income tax calculations for a sole proprietorship are straightforward, as the business owner reports all profits and losses on their personal tax return.
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