Does a proprietorship firm doing business of advisory needs to have a balance sheet?

When you start a business and apply for a startup loan, you may be asked for several specific startup financial statements, including a profit and loss statement, cash flow or sources and uses of funds statement, and a balance sheet. Creating these financial statements may seem pointless because you don’t have an ongoing business at this point. But it’s still important to put down your estimates in writing, including a balance sheet otherwise you may not get the loan.