Tax reporting requirements: Both sole proprietors and LLC owners are required to file certain tax forms and pay taxes on any profits they make. Sole proprietors report their business income and ...

A business that legally has no separate existence from its owner. Income and losses are taxed on the individual's personal income tax return. The sole proprietorship is the simplest business form ...

If you're a sole proprietorship, your EIN is your social ... you need to obtain an employer identification number from the IRS using Form SS-4; if your state has an income tax, you need to obtain ...