As a resident of Iowa... I'm looking to start a sole proprietorship to teach English to Japanese through a website.
I found this website: http://www.sos.state.ia.us/business/sole.html
There is a line on that page that reads:
"Easiest type of business organization to establish. There are no formal requirements for starting a sole proprietorship" & "There are no Iowa statutes governing the formation of a sole proprietorship."
Does this mean that I don't even have to formally setup the sole-proprietorship through the state (although that doesn't make sense to me)?
I understand that, as a sole-proprietor, I assume full reponsibility for anything that may go wrong with the business... I'm willing to accept that during startup. Is there a way to grow into an LLC or Corp. in the future (if the need arises)?
Thanks in advance!