Private company vs Sole Proprietor Ever wondered what the difference between the 2 is? Well, wonder no more!! We will explain the differences and requirements for each below. Sole Proprietor If you trade as a sole proprietor, the individual and the company is the same legal entity. The name of the company will be your own initials and surname trading as the company name. The trading name has to be registered at SARS on your personal income tax profile. A sole proprietor has to compile financial statements consisting of an income statement, balance sheet, statement of owner’s equity and notes to the financial statements. The sole proprietor does not file…