In Iowa, sole proprietorships are more or less the “basis” format for a business. Sole proprietorships aren’t a legal business entity. It is considered one and the same from the person operating the entity. Read the full article here: http://www.oflaherty-law.com/learn-about-law/iowa-business-structures-sole-proprietorships
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Because there is no difference between the individual and the business, sole proprietors do not need to file business tax returns. The business’s profits or loses will be on their personal tax returns. As for liability, because there is no difference between you and the business, you are liable for anything the business is, whether it be a contract you make on behalf of the business or any litigation against the business.
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