Ohio Sole Proprietorships
The following information is required for registration:
- The proprietorís name and business address;
- The trade name to be registered;
- The general nature of the proprietorís business;
- The length of time during which the proprietor used the trade name for business operations in Ohio;
- The signature of the proprietor or his or her authorized representative.
The main disadvantage of forming a sole proprietorship is that the owner is wholly liable for all debts and obligations of the enterprise. All of the personal assets and assets devoted to the social enterprise can be seized to make payments. A sole proprietorship itself cannot be sold since there is complete unity between the enterprise and its owner, but the assets used in the enterprise can be sold. A sole proprietorship terminates upon the death of its owner.