Get help running your business your way

A sole proprietorship is all yours, but guarding and growing it aren't all on you. We can help you file a DBA, get permits, find legal help, and even convert to an LLC.
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Some challenges you might face as a sole proprietor

Greater liability

As a sole proprietor, you are personally responsible for any liabilities or debts the business may incur.

Taxes

Sole proprietors are required to report business profits as personal income and pay self-employment taxes.

Difficulties raising capital

Attracting investors is more challenging because there are no partners, shares, or membership interests in your business.

How you can build your business

DBA (doing business as)

Operate your business under a name different from your own, open a business bank account, and develop your brand.

Learn about DBAs

Business licenses

Ensure that you obtain all necessary permits and licenses to operate your business legally.

Learn about licenses

Liability protection

Form an LLC to safeguard your personal assets in case your business faces lawsuits or accumulates debts.

Learn about LLCs

Legal advice

Attracting investors is more challenging since there are no partners, shares, or membership interests involved.

Get advice

Frequently asked questions

Do I need to use my own name for my sole proprietorship, or can I run the business under another name?

As a sole proprietor, by default, the legal name of your business is your own name. But you can choose to operate the business under another name, known as a “fictitious business name” or “doing business as” (DBA). Most states require you to file an application for your DBA.

We can help get you started today.

Do I need to register my sole proprietorship with the government?

You don’t have to register or file any paperwork with the federal government to form a sole proprietorship. If you go into business without setting up another business structure, then you’re automatically considered a sole proprietor if you’re the sole owner.

However, some states and counties may require you to obtain business licenses and/or permits before you can lawfully operate, Also, if you want your business to have a name that’s different from your own legal name, then most states will require you to file for a DBA.

Can I open a business bank account with a sole proprietorship?

Even if you’re operating as a sole proprietorship, it’s important to have a separate business bank account to distinguish between your personal and business income and expenses. This will make it easier to report your business income on your personal tax returns. Most banks will let you open an account for your sole proprietorship using your social security number.

If you’re doing business under a fictitious name (“DBA”), most banks will require proof of your filed DBA before allowing you to open the account.

If my business grows, can I change my sole proprietorship into a corporation or LLC?

You have the option to restructure your business whenever you feel it’s outgrowing its sole proprietorship status. Whether you’re looking to bring on partners or investors, or you want the advantages of different tax options and liability protection, we offer resources to help you choose the business structure that’s best for you.

Do I need an EIN (tax ID) if I file a DBA?

Whether your business requires an EIN depends on its structure, not whether it has a DBA. Sole proprietorships with a DBA typically don’t need a separate EIN; instead, they use the owner’s Social Security number as the tax ID. Similarly, single-member LLCs usually don’t need an EIN unless they plan to hire employees or open a separate business bank account. However, most other business entities are required to obtain an EIN.