A sole proprietorship is simply a single individual engaged in business activity. The “sole proprietorship” is the most basic type of business in Texas. It is a one-person show. There is not a statute that governs sole proprietorships, so no filing required.
If a sole-proprietor is conducting business under a name not his or her own, then the proprietor should file a DBA (shorthand for “doing business as”) in the county where the business is located or in all counties where business is conducted if there is no business premise.
There is no limit on the management of this business. But there is also no limit on the liability of the owner. All business income is personal income for tax purposes. And the proprietor’s income is subject to self-employment tax. When the individual proprietor dies, so does the company.
If you need to talk to a Waco business lawyer about your sole proprietorship, please call Dunnam & Dunnam at 254-753-6437.
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