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Sole Proprietorship

A sole proprietorship is an unincorporated business that is owned by one individual. It is not a separate entity apart from its owner; thus, the owner is at risk for all owned assets, whether or not used in the business, and the business’ liabilities are personal liabilities. 

Because the owner and the business are not separated, there is no need for another EIN, unless required to file employment or excise tax returns, and thus, a business’ income and expenses are filed on the owner’s own tax return. 

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