If you want to own the business yourself with limited regulation, you might consider setting up a sole proprietorship.
A sole proprietorship is also referred to as a sole trader or simply a proprietorship.
It is an unincorporated business which is owned by just one owner who pays personal income tax on profits earned from the business. Generally sole proprietors do business under their own names because it is not necessary to create a separate business or trade name.
A sole proprietorship is the easiest type of business to establish due to a lack of government regulation. These businesses are very popular among sole owners of businesses, or individual self-contractors, and consultants.
Most of the small businesses start as sole proprietorships and either stay that way or expand and transition to a limited liability entity or corporation.
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