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Sole proprietorships are individually owned and operated. The business and the business owner are the same. One of the drawbacks of sole proprietorships is the lack of tax right-offs afforded to LLC’s and corporations. Sole proprietorships also lack the limited liability protection afforded to LLCs and corporations. Although this type of entity is free to conduct business as it chooses without all of the paperwork and recordkeeping, it is left vulnerable to creditors and customers alike without any protections. When operating as a sole proprietorship, some form of liability or specialty insurance would be beneficial.