Legal Question in Business Law in Maryland

Re: Sole Proprietorship

No, but one individual can own all of the stock of the corporation, so that in effect it's run on a daily basis like a sole proprietorship. Legally, a corporation is a separate entity with its own tax id #. The main advantage to becoming a corporation is that your personal assets are protected from the liabilities and debts incurred by the corporation in the operation of its business.

Re: Sole Proprietorship

Once you incorporate a business, the business is a corporation. My question is what characteristics of a sole proprietorship are you interested in retaining? If you want to keep sole control of the company, you can do so with a corporation. If there is some other charateristic of the sole proprietorship you want to retain in the corporation you should consult an attorney to see if how to set up your corporation. I would be happy to discuss it with you.