A Sole Proprietorship is the simplest and most common business structure, defined as a business that is owned and run by one individual.
The most defining characteristic of Sole Proprietorship is that there is no legal separation between the owner and the business itself and the sole owner is personally entitled to all business profits but also assumes full personal responsibility for all business debts, losses, and legal liabilities.
What do I need to apply for a Novo Account as a Sole Proprietorship?
To successfully apply for a Novo account as a Sole Proprietorship, you must provide a copy of your unexpired government-issued ID and, if requested, proof of your current address (such as a utility bill or lease agreement). You will also need to provide your Social Security Number (SSN) and your Employer Identification Number (EIN) for tax identification purposes, and a Doing Business As (DBA) certificate, if your business name differs from your legal name.