A Sole Proprietorship is a business that is owned and run by one person where there is no legal distinction between the owner and the business. As such, the sole owner is entitled to all profits and responsibilities for the business's debts, losses, and liabilities. The benefits are the Sole Proprietorships are relatively inexpensive and easy to form when compared to other types of businesses. This gives the sole owner complete control and provides them the means for easy tax preparation. This also means that the sole owner takes on more risk as this opens themselves to personal liability.
Learn more about forming a Sole Proprietorship via the SBA.
What do I need to apply for a Novo Account as a Sole Proprietorship?
Generally, Novo does not require many documents when applying as a sole proprietorship. However, you may need a copy of your ID, proof of address (utility bill, mortgage/lease, etc..), and your DBA certificate if you are using one, an SSN, a cell phone using one of the major US carriers, and be a United States Citizen.
Please make sure you have those before you start your application or it may cause delays.
Ready to go? Apply here.
Want to learn more about starting a sole proprietorship? Our partner Fundera has provided this great guide to starting your own sole proprietor business here.