Unlimited Liability: The Dangers of Operating as a Sole Proprietor
A Sole Proprietorship is a type of business entity with a single individual owner whereby there is no legal distinction between the owner of the Sole Proprietorship and the entity, meaning that the owner is personally liable for all debts and liabilities of the company. If you operate your Sole Proprietorship under a name other than your legal name then you must register the entity's Assumed Name with the appropriate Circuit Court's Office of the Clerk where your business is located. For example, in Virginia
, if your business is located in Fairfax County, you would file your Fictitious Trade Name with the Clerk located at the Fairfax County Circuit Court
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