Talk:Sole proprietorship
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The greatest disadvantage of a sole proprietorship is subject to unlimited liability; whereby, individuals in a business put themselves at risk to not only loose the assets of their firm, but their personal assets as well. —The preceding unsigned comment was added by 152.163.100.71 (talk • contribs) 05:35, 6 February 2006 (UTC)
If the owner of a sole proprietorship is sued for say a car accident, can the plaintiff tap into the assets of the owner's LLC? If so, is there any way to prevent this from happening and why even bother setting up an LLC? —The preceding unsigned comment was added by Raquel666 (talk • contribs) 19:51, 14 March 2006 (UTC)
- I believe that civil responsilibity is not shared between the LLC and the member(s). This is the point of an LLC. Perle 17:44, 12 September 2006 (UTC)
Just adding info from Corporations case book. Greenw47 15:53, 9 May 2006 (UTC)
[edit] contradictory:
... a person does business in their own name .. but a dba allows the proprietor to do business with a name other than their legal name? Is the first paragraph just wrong, or unclear? 「ѕʀʟ·✎」 02:29, 22 September 2006 (UTC)
- I think it just means that the business itself is registered primarily in their name, but they can use a DBA to market themselves, eg. "John Smith, dba Whiz-Bang Technical Services". Then, on business cards and such, they could print "Whiz-Bang Technical Services" and their logo, but from a legal and paperwork standpoint, the business is legally known as just John Smith. Joelvanatta 18:07, 3 November 2006 (UTC)
[edit] Nonprofit
Can a sole proprietorship also be a not-for-profit, or would that be called something else? 209.92.136.131 17:32, 25 September 2006 (UTC)
[edit] Life
I noticed that the life of a sole proprietorship was not included in the article. My source is my current study material... err...look it up. "Limited Life"
