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Contrast on Sole Proprietorships vs Corporations for Small Businesses
By author Morgan Jassen
"Small time operator"¹ book in the first few chapters doesn’t say much “bad” per se about sole proprietorships as a legal structure for a small business, and notes that of small businesses in the US, most are these ( ~20,000 says the book)
This in contrast to "Start Your Own Corporation"² book, which if I recall from my last reading a couple years back³, included some notes advising against sole proprietorships as a small business legal structure, and stresses that even a small one-person business should usually strive for corporation status (especially for liability reasons).
I love this contrast between the two books. Even more so in that the facts the two books contain don't conflict/oppose, and they both use the same /similar vocabulary terms, but the two also do have contrasting opinions /viewpoints. The opinion of each in this context is slanted slightly in favor of a different business legal structure.
In conclusion, after having largely written off sole proprietorship as a barely-valid business model based on previous reading, after new reading with a different viewpoint, I re-consider a sole proprietorship legal structure for what it is and what value it has.
¹ "Small time operator" (Book: 12th ed.) (Bernard Kamoroff : Taylor Trade Publishing : 2011) [ http://www.worldcat.org/oclc/825094528 ]
² "Start your Own Corporation" (Book) (Garrett Sutton : BZK Press, LLC : 2012) [ https://bpl.bibliocommons.com/item/show/3265606075_start_your_own_corporation ]
This blog post was pre-published on 2019-07-15.
This blog post first published at https://investorworker.com/2019/2019-09-01-sole-proprietorship-vs-corporation.html