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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 ...
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]
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.
Sole proprietorship: A sole proprietorship is a business owned by one person. The owner may operate on his or her own or may employ others. The owner of the business has total and unlimited personal liability for the debts incurred by the business. This form is usually relegated to small businesses.
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By default, an L3C with two or more members is taxed as a partnership while an L3C with one member is taxed as a sole proprietorship. Both of these elections are considered pass-through taxation because the profits/losses and thus taxes of a business are directly passed on to the members via their individual tax returns.
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