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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.
For tax purposes, LLCs are largely pass-through entities like sole proprietorships. You won’t face corporate taxation. ... Why is LLC better than C Corp?LLCs and C corps both have benefits, but ...
A limited liability company (LLC) is the United States-specific form of a private limited company. It is a business structure that can combine the pass-through taxation of a partnership or sole proprietorship with the limited liability of a corporation. [1]
Sole proprietorship. ... Suppose you structure your business as a single-member LLC, and you are the sole member of your company. If that's the case, the IRS views your business as a "disregarded ...
However, if one is the sole member of a domestic limited liability company (LLC), one is not a sole proprietor if one elects to treat the LLC as a corporation. [5] In the United States, sole proprietors "must report all business income or losses on [their] personal income tax return; the business itself is not taxed separately.
By contrast, sole proprietors and partners in general partnerships are each liable for all the debts of the business (unlimited liability). Although a shareholder's liability for the company's actions is limited, the shareholders may still be liable for their own acts.
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