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LLC or Sole Proprietor - What's Right For Your Business?

Season 8 Episode 420

What’s the best structure for your business between a Limited Liability Company (LLC) and a Sole Proprietorship? Join your hosts Dave Hamilton and Shannon Jean as they talk about their experiences with both structures. What are the pros and cons to forming an LLC? What are the risks and obligations for a Sole Proprietorship? Let’s break down the benefits of both business types.

This AI-generated Business Brain article can provide more background and resources about LLCs and Sole Proprietor business options.

Choosing the Right Business Structure: LLC vs. Sole Proprietorship

Starting a new business can be exciting but also confusing, especially when it comes to choosing the right business structure. The two most popular options are forming an LLC (Limited Liability Company) or becoming a sole proprietor. Both structures have their own pros and cons, and the right choice depends on your specific business needs.

LLC (Limited Liability Company) Pros:

  1. Liability protection: One of the biggest benefits of forming an LLC is the liability protection it provides. As the owner of an LLC, your personal assets are separate from your business assets, so if your business is sued or incurs debt, your personal assets are protected.
  2. Tax flexibility: LLCs have the flexibility to choose how they want to be taxed, either as a sole proprietorship, partnership, S corporation or C corporation.
  3. Credibility: Having an LLC can give your business credibility and make it easier for you to secure funding and attract investors.

LLC Cons:

  1. Cost:

    Published on 2 years, 10 months ago





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