If the business acquires debts, the creditors can go after the proprietor’s personal possessions. A business structure doesn’t allow for company tax rates. The proprietor is personally taxed on all earnings from the business. Business financial savings accounts sometimes earn curiosity over time however have a limited variety of transactions that can happen each month. When you’re simply starting out, search for a business checking account that does not have a minimum stability requirement so you aren’t penalized for having low funds as you’re employed to build your small business. Sole proprietorships are businesses owned and operated by one particular …