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LLC stands for "limited liability company," which is a business structure that combines the pass-through taxation of a sole protectorship with the limited liability of a corporation.
The two most popular ways of organizing a small business are LLCs and sole proprietorships. They are less costly and complicated compared to the alternatives of corporations and partnerships.
In a sole proprietorship, an individual on his/her own account carries out the business or profession. No formal procedure or formality is required for setting up a sole proprietary concern. Partnership; A partnership is a business relationship entered into by a formal agreement between two or more persons or corporations carrying on a business ...
A sole proprietorship, also known as a sole tradership, individual entrepreneurship or proprietorship, is a type of enterprise owned and run by only one person and in which there is no legal distinction between the owner and the business entity. [1]
An LLC is a hybrid legal entity having certain characteristics of both a corporation and a partnership or sole proprietorship (depending on how many owners there are). An LLC is a type of unincorporated association , distinct from a corporation.
A limited liability company (LLC) is a business entity that helps to protect the business owner from the liabilities incurred by the company they own. As a sole proprietor, you and your business ...
Under the business entity concept, a business holds separate entity and distinct from its owners. "The entity view holds the business 'enterprise to be an institution in its own right separate and distinct from the parties who furnish the funds" [1] An example is a sole trader or proprietorship. The sole trader takes money from the business by ...
Sole proprietorship: A sole proprietorship is a business owned by one person. The owner may operate on his or her own or may employ others. The owner of the business has total and unlimited personal liability for the debts incurred by the business. This form is usually relegated to small businesses.
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