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Twitter Sole Proprietorship vs. LLC One important decision that you will have to make regarding your business is whether to function as a sole proprietorship or as a limited liability corporation LLC.
While there is some cost involved in setting up an LLC, doing so removes personal financial risk should any type of legal action be brought against your small business.
Limit Your Liability When you operate as a sole proprietorship, the liability for the business is entwined with your personal finances. This means that any assets you have, including your home and personal savings accounts, can be attached should your business get into legal trouble.
Such a situation could devastate you financially.
If, however, your business operates as an LLC, your personal assets cannot be considered in the event of a lawsuit. For example, if your business were to be sued, only assets listed under the business would be considered in any resulting judgment.
Your personal accounts and other assets would not be taken into consideration. There are companies that do nothing but help small business form an LLC. Another route is to enlist the help of a lawyer. While this will cost a bit more, you will have the peace of mind that everything was done correctly.
It is a wise decision to spend the money to form an LLC before you begin full operation of your small business.
The small investment you make now will provide you with important protections should anything go wrong in the future.Get the latest news, commentary, and video for political events, politics, and the government. Three of the most common business structures for freelancers are the sole proprietorship, the limited liability corporation (LLC), and the S corporation (S corp).
To provide some context, let’s look briefly at the tax advantages and disadvantages of . The Chartered Tax Professional Certificate Program includes 5 federal tax courses. Go from RTRP to preparing for the Enrolled Agent exam! Thinking about starting your own business?
This guide can help you make the leap. A collection of short videos, articles, and checklists, this "starter kit" designed by our authors can help you create an effective business .
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