Income and losses are taxed on the individual's personal income tax return. The sole proprietorship is the simplest business form under which one can operate a business. The sole proprietorship is ...

Answer: The major attributes of a sole proprietorship are as follows: · The income and expenses from your business are reported on Schedule C of your individual income tax return (Form 1040).

You don't need to file any special forms or pay any setup fees to establish a sole proprietorship—just start doing business. Additionally, taxes are straightforward, as all business income is ...