IRS Publication 583 — Starting a Business and Keeping Records
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“A sole proprietorship is an unin- corporated business that is owned by one individual. It is the simplest form of business organization to start and maintain. The business has no existence apart from you, the owner. Its liabilities are your personal liabilities. Y ou undertake the risks of the business for all assets owned, whether or not used in the business. Y ou include the in- come and expense…”
For the latest information about developments related to Pub. 583, such as legislation enacted after it was published, go to IRS.gov/Pub583.
Introduction This publication provides basic federal tax information for people who are starting a business. It also provides information on keeping records and illustrates a recordkeeping system.
Throughout this publication we refer to other IRS publications and forms where you will find more information. In addition, you may want to contact other government agencies, such as the Small Business Administration (SBA) at SBA.gov.
Comments and suggestions. We welcome your comments about this publication and suggestions for future editions.
Publication 583 (Rev. 12-2024) Catalog Number 15150B Jan 28, 2025 Department of the Treasury Internal Revenue Service www.irs.gov
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