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LLC stands for "limited liability company," which is a business structure that combines the pass-through taxation of a sole protectorship with the limited liability of a corporation.
Sole proprietors file small business taxes on their individual tax returns using Schedule C to outline the profit or loss from the business. Limited liability company (LLC)
Sole proprietors, which includes the self-employed, must register with the relevant authority within thirty days from the commencement of their business. [12] Sole proprietors may register their business using one of two names: their legal name following the registrant's identity card or a trade name. [13]
There are three main forms of business: (a) Sole Proprietorship (b) Partnership (c) Company Sole Proprietorship; In a sole proprietorship, an individual on his/her own account carries out the business or profession. No formal procedure or formality is required for setting up a sole proprietary concern. Partnership
All assets of the business belong to a sole proprietor, including, for example, a computer infrastructure, any inventory, manufacturing equipment, or retail fixtures, as well as any real property owned by the sole proprietor. [7] A partnership is a business owned by two or more people. In most forms of partnerships, each partner has unlimited ...
Pass-through entities: Owners of pass-through entities like sole proprietorships, partnerships, and LLCs (if taxed as a sole proprietorship or partnership) typically pay themselves through owner ...
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