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General Business Discussions A place to talk about general business discussions.

Sole Proprietorship & Taxes Question


General Business Discussions

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Old 01-30-2006, 04:58 PM
mowboy mowboy is offline
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Our question today is from Alan. He asks:

Joel, I am going to start a lawn mowing business this year. I have the mower already. *If it is going to be a sole proprietorship, does everything have to be purchased in the business name, or can it be purchased in my name? *Does it matter either way? *Just curious when it comes to tax time with depreciation and write offs.

Hi Alan,

Way to go for making the move to starting your own business!

Yes, if you are a sole proprietorship, everything can be purchased in your name. Or in the company name. Since you and the company are the same entity, it really makes no difference if the company name or your own name appears on an invoice. So when you are collecting your tax receipts, don't forget to include them all regardless of whose name is on the bill.

Please investigate your local/state laws for any specific rules for running a sole propietorship.

Good luck with your business this year Alan!
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