Support -can NOT be a subsidiary: A sole proprietorship is a company with one owner that is not registered with the state as a limited liability company (LLC) or a corporation. In some states, a sole proprietorship is referred to as a DBA (doing business as), as in "José Smith, doing business as Smith Heating and Air Conditioning."
If you are a sole proprietor, you must pay Massachusetts personal income tax on your business profits and annually file Form 1, Massachusetts Resident Income Tax Return, or Form-1 NR/PY, Massachusetts Nonresident/Part-Year Resident Income Tax Return. You must file a Schedule C, Profit or Loss from Business or Profession, with these forms for each business owned, on or before the 15th day of the fourth month after the close of the business's taxable year, calendar or fiscal. Note: A husband and wife running a business together are considered a partnership, not a sole proprietorship.
The sole proprietorship is the oldest, most common, and simplest form of business organization. A sole proprietorship is a business entity owned and managed by one person. The sole proprietorship can be organized very informally, is not subject to much federal or state regulation, and is relatively simple to manage and control.
The prevalent characteristic of a sole proprietorship is that the owner is inseparable from the business. Because they are the same entity, the owner of a sole proprietorship has complete control over the business, its operations, and is financially and legally responsible for all debts and legal actions against the business. Another aspect of the "same entity" aspect is that taxes on a sole proprietorship are determined at the personal income tax rate of the owner. In other words, a sole proprietorship does not pay taxes separately from the owner.
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