Final answer:
To start a pharmacy as a sole proprietor, one must submit a detailed business plan, professional liability insurance proof, personal ID and qualifications like a pharmacist's license, and adhere to state-specific regulations to the Board of Pharmacy. The proprietor is responsible for all debts, liabilities, and management of the pharmacy, and must be aware of the risks, including unlimited liability.
Step-by-step explanation:
To start a new pharmacy as a sole proprietor, an individual must submit specific information and documents to the board of pharmacy. They will require a detailed business plan, proof of professional liability insurance, and evidence of compliance with state-specific pharmacy regulations. Additionally, they will need to provide personal identification and qualifications, such as a pharmacist's license, and possibly a criminal background check, depending upon state laws. Being the sole owner, the individual is also responsible for securing the necessary capital, whether through personal funds or bank loans, managing all operational aspects of the pharmacy, and being accountable for all debts and liabilities associated with the business.
As a sole proprietorship, the owner's personal assets are not shielded from any business liabilities. This places the responsibility of any debts and legal obligations directly on the proprietor. Therefore, it is essential for the proprietor to understand the risks, including unlimited liability, and be prepared to handle them efficiently.