{"id":215,"date":"2019-07-15T10:48:14","date_gmt":"2019-07-15T10:48:14","guid":{"rendered":"https:\/\/www.sivioinstitute.org\/labs\/sec\/?page_id=215"},"modified":"2019-08-27T12:04:07","modified_gmt":"2019-08-27T12:04:07","slug":"sole-proprietorship","status":"publish","type":"page","link":"https:\/\/www.sivioinstitute.org\/labs\/sec\/compliance\/business-structure-types\/sole-proprietorship\/","title":{"rendered":"Sole Proprietorship"},"content":{"rendered":"\n\t\n    \tYou are here:\n<span><span><a href=\"https:\/\/www.sivioinstitute.org\/labs\/sec\/\">Home<\/a><\/span><\/span>\n\n\t<h1>Sole Proprietorships<\/h1>\n<h2>Pros of Sole Proprietorships<\/h2>\n<ul>\n<li>Sole proprietorships are easy to set up and easy to disband. Generally, business registration is not required. But, to get a bank account and to have others treat you as a business, you will likely need to get a company registered with the Registrar of Companies (see registering your business).<\/li>\n<li>Easier bookkeeping because the owner and business are treated as one entity (but &#8211; you should still keep separate records for your business as ZIMRA does audit sole proprietors)<\/li>\n<li>Profits are taxed at the owner\u2019s individual tax rate so the owner does not need to file additional corporate paperwork as is necessary with the corporate business structure<\/li>\n<li>Sole proprietorships do not file corporate income tax returns<\/li>\n<\/ul>\n<h2>Cons of Sole Proprietorships<\/h2>\n<ul>\n<li>The primary disadvantage of the sole proprietorship business structure is liability&#8211;the owner&#8217;s personal assets are not protected because the company and the individual are treated as one entity<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Sole Proprietorships Pros of Sole Proprietorships Sole proprietorships are easy to set up and easy to disband. Generally, business registration is not required. But, to get a bank account and to have others treat you as a business, you will likely need to get a company registered with the Registrar of Companies (see registering your &#8230; <a title=\"Sole Proprietorship\" class=\"read-more\" href=\"https:\/\/www.sivioinstitute.org\/labs\/sec\/compliance\/business-structure-types\/sole-proprietorship\/\">Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"parent":206,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-215","page","type-page","status-publish"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Sole Proprietorship - SIVIO Entrepreneurship Lab<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.sivioinstitute.org\/labs\/sec\/compliance\/business-structure-types\/sole-proprietorship\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Sole Proprietorship - SIVIO Entrepreneurship Lab\" \/>\n<meta property=\"og:description\" content=\"Sole Proprietorships Pros of Sole Proprietorships Sole proprietorships are easy to set up and easy to disband. 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