Sole Proprietorship Vs. LLC: Here’s Wh…
https://www.forbes.com/advisor/business/sole-proprietorship-vs-llc/
A sole proprietorship is the simplest and requires minimal paperwork. An LLC requires upfront paperwork and costs but could provide your business long-term benefits that make the investment worth it. A sole proprietorship can only have one owner. In contrast, an LLC provides the option to have multiple. If a business owner wants to operate as an LLC without shared ownership, the LLC becomes a single-member limited liability company (SMLLC). An LLC exists separately from its owners—known as members. However, members are not personally responsible for business debts and liabilities. Instead, the LLC is responsible. A sole proprietorship is an unincorporated business owned and run by one person. A sole proprietorship provides no liability protection to the owner. By contrast, an LLC separates business and personal assets. The owner has protection against creditors seizing their personal assets, such as their home. This unlimited liability goes beyond the business entity to the owners themselves.
A sole proprietorship is the simplest and requires minimal paperwork. An LLC requires upfront paperwork and costs but could provide your business long-term benefits that make the investment worth it.
A sole proprietorship can only have one owner. In contrast, an LLC provides the option to have multiple. If a business owner wants to operate as an LLC without shared ownership, the LLC becomes a single-member limited liability company (SMLLC).
An LLC exists separately from its owners—known as members. However, members are not personally responsible for business debts and liabilities. Instead, the LLC is responsible. A sole proprietorship is an unincorporated business owned and run by one person.
A sole proprietorship provides no liability protection to the owner. By contrast, an LLC separates business and personal assets. The owner has protection against creditors seizing their personal assets, such as their home. This unlimited liability goes beyond the business entity to the owners themselves.
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