Business

Examples of sole proprietorships

Individual companies are quite favorable when the main intention is that a single individual is the one who benefits from the profits that are obtained within the activity that your company has produced.

Certainly, we are not talking about a company that has the right organization to manage its funds , but this is because we are referring to the fact that only a trader is in charge of raising the capital.

However, individual companies have the advantage of being quite flexible and this is a great help when it comes to getting economic activity going.

Another benefit is that once the company has managed to be successful, the risks can be minimized by choosing to form a commercial company or a corporation where another person also agrees to be accountable and contribute for the purpose that is to be obtained.

This figure is also known as an individual union or as a sole proprietorship , where the owner obtains the total profits and, in addition, must also assume all the losses that have been caused in the company, even if they have derived from his patrimony.

The owner would be called an individual entrepreneur, but also as an independent or self-employed worker.

Advantage of the individual entrepreneur

The natural person or individual entrepreneur must ensure the economic activity of his company and carry it out directly, regularly and personally, for profit.

The independent worker will carry out his / her work on a one-person basis and without subject to any type of contract in order to achieve effective execution. However, you can opt for the paid service that other people can offer to bring quality to your union.

5 examples of sole proprietorships

  1. Home doctor

In the beginning, home health care was a luxury. Today the health industry has been growing both in good and bad conditions that exist at an economic level.

Healthcare companies have been growing day by day and most of them care for retirees. In addition, other types of services can be included, such as cleaning, cooking or helping to maintain the patient’s hygiene.

  1. Accounting

By creating a company that refers to the accounting area, you will be able to ensure your economic growth and you will have contact with other entrepreneurs who will help you in your personal endeavor. The accounting area is the one in charge of facilitating the financial needs that a company may have.

In this sense, the functions would be: to publish the expenses that the company acquires, its income and other data that refer to the finances of the accounting system.

Thus, individual entrepreneurs will dedicate themselves to providing all the financial information that accurately details the economic status of the business and this information is what will be used to declare the company’s taxes.

  1. Landscape

To be a landscaper is to be a gardener. Typically, if it is a sole proprietorship, the landscaper will likewise hire employees to complete large projects. This happens when they have business clients.

However, you do not necessarily work with groups of employees, as you can work only when they are small projects and keep your clients’ plants, trees and lawns in good condition.

  1. Tutorials

This type of one-man signature is for those who have teaching qualities and are able to contribute their extensive knowledge to other people.

Here businesses are conducted with the interest of offering private classes, where students learn a variety of subjects and offer help in the deficiencies they have at an academic level. Nowadays the evolution of this area is remarkable, since the tutors are also working through online video chats.

  1. Housekeeping

Today humanity is so busy that it does not have time to do housework. Individual companies that offer cleaning services may work in clients’ homes or in other companies, where they will take care of cleaning and maintaining the hygiene of the place.

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