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The supposed advantage of this business form is its simplicity. Disadvantages include the lack of a corporate shield, exposure to liability, and the difficulty of managing a business, as it grows and becomes more complex, as a proprietorship. All income, after deductions for business expense, is personal income. Unlike a [[Partnership]]s, [[LLC]], or [[Corporation]], the Proprietorship is not a separate entity from the business owner. Proprietorships are required to file IRS Schedule SE, self employment tax on personal income amounting to 15.3%, whereas in other forms of business the entity can acquire and accumulate assets to itself and not be treated as personal income in the same year it is earned.
[[Category:Business]]