I’m a new member to this forum. As everyone is under self-quarantine, I just thought of discussing some of my plans with you guys. I would like to get genuine suggestions. I’m an architect by profession and a chef by passion. Some of my friends are also there in the cooking field. Its been a few months since we have been planning to start a food truck business. We had fixed almost everything. But, due to COVID-19 many of them had to face financial losses. So they are not so sure to invest in this business.
Even if the situation is like this, I would like to take the responsibility myself. So I plan to go for sole proprietorship and contacted one such service. The appointment is fixed by the end of this month. Before that, I would like to get a basic idea of it. Is there anyone who owns a sole proprietorship business? Share your suggestions on choosing this business structure.
The benefits of sole proprietorship revolve around their simplicity and low cost. The benefits of LLCs revolve around their flexibility—including method of taxation—and their liability protections for owners. Right now because money is a factor go with the Sole Proprietorship.
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