Forming a Sole Proprietorship

The video tutorial explains the concept of a sole proprietorship, the simplest form of business entity, which is formed by an individual engaging in business activities with the intent to make a profit. It provides an example of a leaf-raking business to illustrate how a sole proprietorship is established. The tutorial also discusses the lack of formal filing requirements, the ability to hire employees, and the transition to a partnership if profits are shared with another individual.

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