As the Wisconsin Bar Association puts it, choosing the form of your business is similar to buying a car. There are a certain number of models you can choose from with their own customized features.

Business owners often sell a business and expect to be rid of future obligations. However, due to the unique position of the sole proprietor, selling the business might not be the end of the story.

Married couples who file their taxes jointly usually save more in tax than filing separate returns, because of the favorable tax brackets. You can still take advantage of this tax benefit even if you earn income as the sole proprietor of a business.