IRS data shows an increase in the number of sole proprietorships and S corporations in recent years.
The summer 2009 edition of the IRSs Statistics of Income Bulletin features sole proprietorship data for tax year 2007. About 23.1 million individual income tax returns reported nonfarm sole proprietorship activity, a 4.7 percent increase since tax year 2006. Reported profits for these sole proprietorships were $280.6 billion in 2007.
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