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Business strategy
Disadvantages of a sole proprietor
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[QUOTE="King bell, post: 267389, member: 75687"] While being self-employed can be very rewarding, it comes with its fair share of drawbacks. One of the most significant is having to pay your own taxes. The money that you make from your company is not subject to the same deductions that a traditional business has since it is considered "pass through income." Your business will still have to pay taxes on its profit, but for reasons like this, the deductions a sole proprietor takes may be significantly less than what you would incur on a traditional job. Prepare for the inevitable increases in payroll taxes The cost of living is constantly on the rise and so, too, is the cost of hiring employees. As businesses grow, they must constantly hire more employees to maintain the level of output at which they are operating. This means that you will have to increase your payrolls along with your levels of expenses in order keep up with costs. When this extra expense takes place, you should be prepared to see a significant increase in your annual payroll tax liability. Planning and keeping track of your business can be difficult. Doing so properly can help you avoid financial pitfalls and enjoy the substantial advantages that a self-employed business is known to provide. [/QUOTE]
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