How to Start a Sole Proprietorship in 2023 | Rob.CPA

Are you looking for a way to start your business without too much hassle and paperwork? In this video, I'm going to be discussing sole proprietorship - an incredibly easy and simple way to set up a business without the need for complicated contracts and business structures.
Hi everyone! My name is Rob Pasquesi and today I'm going to talk about sole proprietorships - what they are and how they can help you in setting up your own business quickly and easily. A sole proprietorship is the simplest type of business structure, which means that you don't have to worry about creating multiple legal documents or complex contracts. This makes it an ideal option for entrepreneurs who want to get their businesses off the ground quickly. So if you're looking for a straightforward way to kickstart your own venture, then stay tuned as I walk you through everything you need to know about starting a sole proprietorship!
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Some of the topics that I will cover in this video include:
1. Introduction to sole proprietorships and the benefits & risks for entrepreneurs
2. Overview of the legal structure, types of business entities and regulations
3. Requirements to form a sole proprietorship including choosing a business name and registering with the state
4. How to apply for permits, licenses, insurance coverage, and other necessary business documents
5. Setting up a bank account, filing taxes as a self-employed individual and bookkeeping basics
6. Seeking out resources such as professional advisors, mentors or networking groups
7. Conclusion: recap of all steps involved in starting a sole proprietorship
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About my channel:
Rob CPA channel was created with a mission to provide viewers with accurate content so they can be proactive in their tax planning strategies and build financial wealth. The video topics I selected reflect real-world issues that I’ve seen our clients experience relating to their personal tax returns, retirement plans, and accounting.
The channel allows me to share my passion for taxes, personal finance, and accounting. I create content I wish schools and entrepreneurship programs/accelerators would teach their students and companies. I take complex topics and simplify them for the viewers as well as show examples.
I will be covering the following topics:
- Personal & business tax planning tips;
- Personal finance;
- Accounting;
- Investing;
- Entrepreneurship
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#soleproprietorship #soleproprietor

[@user-dj3ie8el7r]

You have a good pronounce, even I from Ukraine understand, thank you, really helpful information

[@rob_cpa]

Glad to hear that!

[@Steve-sv3ln]

Thank you for taking the time to make this video. Very helpful! ❤ Praise, Jesus! ❤

[@rob_cpa]

Glad it was helpful!

[@thecomposerchanginggames5250]

If you were to open a consulting business done over voice calls and the like, would you need to register your DBA in every state that you could possibly operate in?

[@crisweiser]

How can I make my address not public? I have a virtual address already. Should I use it as a mailing address during sole prop EIN application or just tell IRS that's the only address?

[@o0TheLioness0o]

Hello. I work full time but do a side business making bracelets and give spiritual guidance. Do I need to open a business license for this? If not, all I need to do is open a business bank account under a dba? Also, all supplies I buy from out of the country. Do I get tax forms from them showing I bought my supplies from them? Or a receipt is good enough? I need a list of what I need to exactly do to start this small side business. Thank you in advance for your guidance.

[@Shillah.DiscoveryEmployment]

Can i open sole prop and im not a citizen and dont have social security in New york to open bookkeeping license

[@ericamagallan9217]

Starting an online boutique a sole proprietor. Do I just need an ein and sellers permit? Do I need to register anywhere for sole proprietor?

[@rob_cpa]

I would ask your attorney and verify your state requirements, but if you're a sole proprietor, technically you don't need an EIN from the IRS. For legal protection, you may consider a single member LLC. The tax reporting is the same as a sole proprietory.

[@mangofilms2144]

Thank you

[@rob_cpa]

Not a problem. Let me know if you have any other questions regarding starting as a sole proprietor.

[@sfunxe1982]

@@rob_cpa Hello Rob, could we create a Sole proprietorship as foreign and don't have a SSN? thanks a lot

[@ryankirst8150]

Would a Sole proprietorship be best for a photography business?

[@rob_cpa]

It depends on how big your business will be and what you plan to do with it later, i.e. sell. If you plan to have $100,000 of sales in a year, for example, you may consider an S-Corp. Single Member LLC is a good place to start - you will need to get an EIN, etc., but you'll have some legal protection.

[@azeemsalawudeen5016]

Best place to register for sole proprietorship and also amount can I also use it to register for bank

[@rob_cpa]

If you're a sole proprietor and not a single member LLC, then you don't need to register..you can just start operating. Depending on your business, you may want to consider a single member llc.

[@ameliaowens4492]

I basically sale things through Shopify store and drop ship . I named my store , do I need to register at a sole proprietorship? I get profits from them

[@RebeccaSpires-eb9bn]

Rob, hi. Can’t find an answer to my question. Hope you can help. Can I use my initials instead of my full name for my sole proprietor business without a dba?

[@rob_cpa]

good question - I would advise with an attorney, but with initials, you may need to file a separate form. On your schedule C, you'll use your first and last name

[@RebeccaSpires-eb9bn]

@@rob_cpa thank you. Good point

[@josearroyo1975]

What u created it in December 2023

[@rob_cpa]

Can you expand more on your question? Are you asking what happens if you created a business - sole proprietorship in 2023?