Closing a sole proprietorship is different and typically much easier than closing a corporation or partnership.
For the most part, sole proprietors do not have to consult with anyone else before deciding to call it quits.
However, sole proprietors still have responsibilities and obligations to tend and also may have outstanding
loans to pay off. It is not an independent legal entity like a corporation or limited liability company and does
not have to file formation paperwork with a government agency to officially come into existence, as long as the
sole proprietor operates the business under his own name. There are certain optional business-related accounts
that a sole proprietor may set up to differentiate business activity from personal activity in the eyes of the
public. It is prudent to close these accounts officially when a sole proprietor stops operating the business.