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Sole Proprietorship

2 articles tagged “Sole Proprietorship”.

LLC vs Sole Proprietorship: Key Differences in Running and Growing

The key differences between an LLC and a sole proprietorship show up in daily operations and over the life of the business: whose name goes on contracts and bank accounts, how you add a partner, how you borrow, what happens if you sell or step away, and how you close. An LLC is a separate entity; a sole proprietorship is simply you.

LLC vs Sole Proprietorship: Pros, Cons & How to Choose

A sole proprietorship is the simplest and cheapest way to run a US business, but your personal assets are exposed to business debts and lawsuits. An LLC costs more to form and maintain, yet it separates business liabilities from your personal property. Both are taxed the same way by default, so the choice mostly comes down to risk.