Major Drawbacks Of Sole Proprietorship - It Could Cost You More Than Your Business!

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A sole proprietor has unlimited liability and responsibility for the debts and obligation of the business. The owner's personal assets, together with his or her home are at risk to the creditors of the business. Sole proprietors also have more mystery obtaining institutional financing for growth. A sole proprietor is also not allowed a broad deductibility of curative assurance premiums as is an Llc or Incorporation.

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Why then would a person operate as a sole proprietorship as opposed to Incorporating or creating an Llc? The retort is that a lot of people view the creation of an Llc or a Corporation for their business similar to the way they view creating a Will. They identify the need to get it done, but they simply put is off. Perhaps they simply do not want to take the time to see an attorney and get it done. Perhaps they believe it will be so costly that they will not be able to afford it right now. Well, anything the reasons, they are not good enough.

Although it is best and in some states required, that the entity or Will be created by an attorney, that does not necessarily mean that it will be costly or time consuming. There have been a growing whole of non-lawyer companies providing the legal service of Incorporation and Llc creation. Because the non-lawyer companies operate over the internet it is hard if not impossible for the legal service regulators for each state, the State Bars, to stop the non-lawyers from providing the unauthorized legal services. In Georgia, for example, the Standing Committee on the Unlicensed custom of Law has said:

"A corporation is a legal person, having 'the same powers as an private to do all things vital or suitable to carry out its business and affairs....' O.C.G.A. §14-2-302. When properly formed and maintained, its existence is legally independent from those who created and own it. This independent status relative to the law is the raison d'être of the corporation, as the entity can insulate its shareholders, directors and officers from unavoidable forms of liability. See, e.g., O.C.G.A. §§14-2-622(b), 14-2-830(d), and 14-2-842(d). The corporation owes its existence entirely to the performance of the law, as '[a] corporation, thought about in itself... Is, in fact, a myth, a fiction, and has no existence but in the imagination of the law.' Loudon v. Coleman, 59 Ga. 653, 655 (1877).

Since a corporation's existence is utterly tied to and dependent upon the law, the documents that bring it into being and define its parameters are documents that serve to acquire legal rights.

The custom of law in Georgia is defined, in part, as '[t]he establishment of legal instruments of all kinds whereby a legal right is secured' and '[a]ny activity taken for others in any matter associated with the law.' O.C.G.A. §§15-19-50(3) and 15-19-50(6). See also Huber v. State, 234 Ga. 357, 358 (1975)."

Knowing that the forming of an Llc or a Corporation is an foremost legally relevant service, at least one law firm has responded to the proliferation of "document processing" companies practicing law without a license. LegalCreation.com is the web site for a law firm and growing network of attorneys seeking to take back the legal service of Incorporation and Llc creation with the goal of providing potential legal guidance instead of lengthy disclaimers. The creation of the Llcs and the Incorporations are completed by a licensed and insured law firm at extremely affordable prices because the firm has created efficiencies in the yield and delivery of the legal services.

Since a sole proprietor can fast and inexpensively have a valid and legal Llc created for the performance of his or her business there is no longer any fancy to delay. If you have any more questions on business formations you may visit LegalCreation.com

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