Wayne Lewis wants to start a sole proprietorship named Lewis Plumbing Services.Because it will be a sole proprietorship,Wayne has no filing requirements other than obtaining the appropriate business license from the local and state government where the business will be located.

Question

Quizplus · Accepted Answer

While it is true that sole proprietorships have fewer legal formalities than other business structures, they still typically require certain filings and registrations. For example, Wayne may need to register his business with the state, obtain an employer identification number (EIN) from the IRS, and file taxes on his business income. It is important for Wayne to research and comply with all legal requirements for his specific industry and location.

Wayne Lewis Wants to Start a Sole Proprietorship Named Lewis