Drawings refer to the withdrawal of assets, typically cash or goods, from an unincorporated business by its owner. This concept is essential in differentiating between unincorporated businesses and corporations, and comprehending how owners can access business assets.
A Self-Employment Retirement Plan, also referred to as a Keogh Plan, is a tax-deferred pension account specifically designed for self-employed individuals and unincorporated businesses. It enables them to set aside a portion of their income for retirement.
A sole proprietor is an individual who owns and operates an unincorporated business alone. Typically, a sole trader refers to an individual in business independently, while a sole practitioner is a professional practicing on their own.
