Sole Proprietorship:  individual as Owner conducts a bsns
A.  Governing Laws: 
1.  no specific act
2.  just agency rules
3.  and isolated statutes here and there
B.  Formation
C.  Liability
D.  Taxes
E.  characteristics
- may have employees or may be one man only
- essence:  a single individual carrying out a bsns without the benefit of any of the other forms or bsns or making it a separate entity
- they can be very formal and keep separate books, but that doesn’t mean that there is any legal distinction btwn the bsns assets adn the personal assets
- an SP can use a bsns name, but the name will just be another name for an indivudal
- they have to file assumed name cert, but that doesn’t affect anything (just civil penalty)
- A person can form an SP w/o even realizing it
- If their e’ee enters a K or commits a tort during scope of employment, the SP is liable