Dale & Eke is taking the COVID-19 outbreak very seriously.  So, for the purpose of maintaining social distancing under CDC guidelines and to promote the health and safety of our clients, visitors and staff and reduce the spread of COVID-19, our physical office will be closed until further notice.

For the time being we are limiting all in-office meetings to those clients and potential clients who are not feeling ill or who have not shown signs of illness.  However, we are recommending that, unless you make other arrangements with your attorney, all client and potential client meetings occur via telephone or video conferencing.  If you have any paperwork for us that you need to drop off, please use the mail slot outside of the front door to our office.

We can still be reached at our office telephone number (317-844-7400). Your call will be answered by our office phone system and you may leave a voicemail in the general mailbox or with a specific attorney. All voicemails left in the general mailbox will be routed to the requested attorney or staff.

You may also email the firm through its website at  www.daleeke.com.

We will continue to monitor this evolving situation and adjust procedures as necessary.  Your health and safety, and the health and safety of our attorneys and staff, is our highest priority.  We thank you for your patience and understanding during these uncertain and unprecedented times.

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A Professional Corporation of Attorneys at Law

Liability for sole proprietors

When it comes to establishing a business entity, it is important to understand the tax implications each entity assumes. Not only will this dictate how business owners should file their taxes at the end of the year, but it will also help determine the best ways to set aside taxes during the year.

A sole proprietorship is typically the easiest business entity to set up. However, this business type carries the most personal liability and requires that business owners personally set aside taxes that they will owe.

What is a sole proprietor?

The Internal Revenue Service defines a sole proprietor as someone who owns an unincorporated business alone. The most typical example is a person who is making money with a hobby or side project and does not involve other people in their business structure.

Sole proprietors are responsible for paying taxes on the income that they receive. Instead of having taxes deducted from a paycheck, sole proprietors generally set aside a portion of their earnings in a separate account for tax time.

What is the liability for sole proprietors?

Sole proprietors carry the greatest personal liability because they themselves are the business entity. According to FindLaw, this means that any lawsuits or judgments against the business can include the owner’s personal property as a remedy. There is no liability protection under a sole proprietorship.

Many people choose to set up a sole-member limited liability company instead of a sole proprietorship because of liability issues. A sole-member LLC still includes just the business owner, but the liability shifts from the individual to the business instead.

There are several benefits to creating a business for oneself. It is important for people to research the benefits of each business type before committing to one.