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Sole proprietorship vs. LLC: Which is right for you? The decision to form an LLC is a personal one that depends on your business goals, overall risk level, and the amount of time you're willing to ...
The two most popular ways of organizing a small business are LLCs and sole proprietorships. They are less costly and complicated compared to the alternatives of corporations and partnerships.
It combines the simplicity and flexibility of an LLC with the tax benefits of an S-corporation (self-employment tax savings). [28] Some legal scholars argue that corporate income taxes are intended to limit the power of corporations and to offset the legal benefits corporations enjoy, such as limited liability for their investors. [29]
A sole proprietorship, also known as a sole trader, is owned by one person and operates for their benefit. The owner operates the business alone and may hire employees. A sole proprietor has unlimited liability for all obligations incurred by the business, whether from operating costs or judgments against the business.
Small businesses are types of corporations, partnerships, or sole proprietorships which have a small number of employees and/or less annual revenue than a regular-sized business or corporation. Businesses are defined as "small" in terms of being able to apply for government support and qualify for preferential tax policy.
For tax purposes, LLCs are largely pass-through entities like sole proprietorships. You won’t face corporate taxation. Forming a corporation is typically more expensive and takes more work.
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