Small business owners tend to put in far more time than their colleagues in the nine-to-five world.
The difference is that those sole proprietors love what they do and that can make those long hours far less taxing.
Some sole proprietorships must also register in the Register of Business Enterprises.
This primarily applies to sole proprietorships that intend to trade in ready-made goods, have more than five employees or use goods as collateral.
Read more about choosing names (domains, business names and trademarks).
Foretaksnavneloven om krav til foretaksnavn (in Norwegian only) Registering a sole proprietorship in the Central Coordinating Register for Legal Entities is free of charge.There are still risks, of course, and you need to be vigilant and run your business well.But as a sole proprietor, you are 100 percent responsible for the success of your business, and that puts you squarely in charge of your financial future.When you run your own business, you can set your own hours and determine when and where you will work.You can, however, expect to put in long hours if you want to be successful.In addition to that possibility, being self-employed gives you access to retirement plans with higher limits than traditional workers enjoy.For instance, as of 2011, you can put up to ,500 into a 401k or 403b plan, but if you open a SEP-IRA you can fund it with up to ,000.If you are not a citizen of an EU-/EEA country, and are planning to run a business in Norway, you need to have a residence permit that will allow you to work here.You can find information about the terms and requirements for resident permit on the Norwegian Directorate of Immigration's (UDI) website.Conrad also works full-time as a computer technician and loves to write about a number of technician topics.She studied computer technology and business administration at Harrisburg Area Community College.