Do I have to have a balance sheet and general ledger if I am sole proprietor?

heatherrdixon6 — Tue, 04 Jun 2019 21:15:30 GMT

A sole proprietor or single-member LLC, reporting busines...

MichaelMc — Tue, 04 Jun 2019 21:15:31 GMT

A sole proprietor or single-member LLC, reporting business income and expenses on Schedule C (Form 1040) does not have to report a balance sheet as part of the tax return.

However, I hope you are keeping a good set of books for your business, for your own information and to provide information for sound management decisions. I would highly recommend Intuit's QuickBooks. It is easy to learn, does not take much of your time, and will provide you with tools for decision-making and growth of your business.

topic Do I have to have a balance sheet and general ledger if I am sole proprietor? in Business & farm

Do I have to have a balance sheet and general ledger if I am sole proprietor?

A sole proprietor or single-member LLC, reporting busines...