This is one of the simplest forms of ownership and consists of an unincorporated business that is owned by the principle himself or herself. Although simple in form, it is imperative to know that this form of ownership has very limited protections. The owner of this type entity has unlimited liability for the business and is personally liable for any business-related obligations. This means that if your business doesn’t pay a supplier, defaults on a debt, or loses a lawsuit, the creditor can legally come after your house or other possessions.
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