Choice of Entity – Sole Proprietor Sch C

General information: A sole proprietorship is the simplest and most common structure for a single‐owner business. Under this model, the business and the owner are legally one and the same. Income, deductions, and losses from the business are reported on IRS Schedule C attached to the owner’s Form 1040. This pass‐through taxation means the business profits “flow through” to your personal tax return, thereby avoiding the double taxation found in corporations.