What is this? Well, it’s a very simple worksheet that I use in my practice to help my Chapter 7 and 8 Partners work together when they’re really stuck.
It’s a very straightforward, almost four-step process, but it can be a little time-consuming to get the basic information and put it into short, quick, and simple steps for each Partnership. But, you know what? It works, and you can do it yourself without spending all day and night memorizing all the information.
You are going to have to remember: who owns the company; what is the sole proprietorship; what is a partnership;, and, the Act which govern these matters, but you’ll be able to memorize it quickly enough to take into your consideration in every step of the way of this particular business venture. For this reason, I have created this very simple yet helpful little worksheet.
Here’s the Worksheet Answers that you will need to start your Journey: Who Do You Control: For example, if your particular firm was formed by the association of two principals, then you are your own legal owner of the firm. Otherwise, if you founded a new company from scratch, then you are your own company’s sole proprietor. If you formed a limited liability company (LLC) from scratch, then you are the company.
It doesn’t matter how the business name came about, because this one is going to be a different, each time. So, the first paragraph is something you want to memorize so that you can put it into your own practice.
The next part of the Worksheet Answers is the following: What Is A Sole Proprietorship? This is a question that you will answer for each of your newly created Limited Liability Companies (LLCs). The fact that the phrase “sole proprietorship” is used by the US government is more than enough evidence that there are plenty of laws concerning proprietorship in the United States.
Whether you know the answer or not, I suggest that you understand that the phrase “sole proprietorship” is very important in your Chapter 7 or 8 Partnership or Sole Proprietorship in general. Just keep that in mind whenever you’re looking at other legal forms of Ownership.
If you have a new LLC or Sole Proprietorship, this little worksheet should help you get started. And remember, once you’ve used it in your practice, you’ll probably come up with an entire series of these worksheets just like it, because you’ll probably run across the question “What is a sole proprietorship?” Over again as you’re working on your LLCs and SOPs.
