Joint Ventures Made Easy

You can set up shop and open up your own business as a sole proprietor without having to file any paperwork with the state or even talk to an attorney. The free enterprise system allows anyone to just start a business as a sole proprietor. You will have to claim income taxes on this business, but can do so on your individual income tax statement. You will have to file a Schedule C for a sole proprietor business. You can enter into a joint venture as a sole proprietor, but be aware that you are offered no personal protection. If the joint venture files bankruptcy, you may be also finding yourself in bankruptcy court. The same goes if the joint venture is sued. If you own your business as a sole proprietor, you will want to make sure that the joint venture is held in a protective entity such as a corporation or LLC.