Sole Proprietors on the Rise

That’s the takeaway from IRS statistics on nonfarm sole proprietors based on Schedule C for 2021 income tax returns. There were 29.3 million sole proprietors who filed that year, and 10.7% of them were one-member LLCs. Statistics show that not only were the number of sole proprietors greater than in the previous year, but also that profits were up by 22%. There’s more about these sole proprietorships in our recent blog. #IdeaoftheDay