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Limited Liability Company (LLC)

A Limited Liability Company (LLC) is a business structure that combines the flexibility of a partnership with the liability protection of a corporation.

One of the primary benefits of an LLC is that it protects its owners, known as members, from personal liability for business debts and claims, meaning personal assets typically remain safe even if the business incurs losses or lawsuits.

Additionally, LLCs offer pass-through taxation, allowing profits to be taxed only at the individual level, which can lead to tax savings. However, there are also some disadvantages, such as varying state regulations that can complicate formation and operation, as well as potential self-employment taxes on earnings.

Overall, an LLC is often considered an attractive option for small business owners seeking to balance liability protection with operational simplicity.

Corporation

A corporation is a legal entity that is separate from its owners, providing limited liability protection, which means that shareholders are not personally liable for the debts of the business. One of the primary benefits of forming a corporation is the ability to raise capital through the sale of shares, allowing for growth and expansion. Additionally, corporations can benefit from perpetual existence, meaning they can continue to operate independently of the shareholders’ longevity.  Enhanced Credibility
Corporations are frequently viewed as more trustworthy, which can facilitate business interactions with other companies.

However, forming a corporation can come with disadvantages, such as the complexities of regulatory compliance, higher costs of formation, and potential double taxation on corporate profits.

In addition, it can act as a holding company, which primarily owns assets or shares of other companies, can also provide benefits, such as risk management through asset separation and potential tax advantages, making it an appealing option for investors looking to maintain control while minimizing risk.

Sole Proprietor

A sole proprietor is an individual who owns and operates a business independently.

One of the primary advantages of this business structure is that it is easy to set up and requires minimal regulatory compliance, allowing for quick decision-making and complete control over operations. Sole proprietors also enjoy the benefit of keeping all profits, which can be particularly appealing for small businesses.

However, there are significant disadvantages to consider. Sole proprietors are personally liable for all business debts and obligations, exposing their personal assets to risk. Additionally, raising capital can be challenging, as sole proprietors often lack the resources available to corporations.

Overall, while a sole proprietorship offers simplicity and autonomy, it also carries inherent risks that must be carefully weighed by potential business owners.

Small Business Start Up Services

• Business Name Search

• File LLC or Corporation Certificate of Formation

• Craft Operating Agreement or By Laws

• Employer Identification Number (EIN)

• Dun & Bradstreet Number

• File Annual Reports

• Business Plans

• Logo Creation

• Website, establish your professional online presence

• And more.