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It’s still a separate legal entity. Sole proprietorship means there is no corporation, just a person doing business with their own assets and getting paid direc
by 1123581321 7y ago
It’s still a separate legal entity. Sole proprietorship means there is no corporation, just a person doing business with their own assets and getting paid directly.
- bdcravens 7y agoYou can't just setup a corp and get immunity - that's a popular myth. There's many ways you can "pierce the corporate veil". However, as long as the company has officers, has all their paperwork in order, etc, it's a legit corp (regardless of how many investors there are)
- henryfjordan 7y agoYou absolutely can just set up a corp and get immunity. Piercing the corporate veil is hard and requires hard proof that corp is a sham. The courts even respect obvious abuse of the system so long as the paperwork is done correctly (see https://en.wikipedia.org/wiki/Walkovszky_v._Carlton https://en.wikipedia.org/wiki/Walkovszky_v._Carlton). All you have to do is follow the rules and your corp is valid.
- 1123581321 7y agoI largely agree with your post, but I was only clarifying how sole ownership of a corporation is different than sole proprietorship.