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LLC Vs. Sole Proprietor

Updated on November 22, 2007

In a nutshell LLC has the following benefits:

  • Limited liability on debt
  • Legal protection
  • Clear separation of personal and business assets
  • Better insurance rates
  • Tax benefits.

On the flip side:

If you mix personal and business assets then the benefits will disappear.

  • More complex in legal and tax terms as compared to sole proprietor.
  • Registration and Annual fee (amount depends on state in which doing business), mostly levied as a franchise tax or capital values tax.
  • Legal and debt protection does not cover malicious intent, deliberate injury and fraudulent, illegal, or clearly wrong-headed actions.

More detailed resources:

  • http://hubpages.com/hub/Sole_Proprietorship_vs_LLC-Know_the_Difference
  • http://cs.writermag.com/forums/70125/ShowPost.aspx
  • http://en.wikipedia.org/wiki/Limited_liability_company
  • http://en.wikipedia.org/wiki/Sole_proprietor

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