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Benefits Of An LLC Versus A Sole Proprietorship

Those considering their own business will have many options available to them in terms of how the business is classified. Although this seems like something minor, it is not. How a business is classified can play a role in how taxes are filed, liability of assets and so many important things. While a sole proprietorship can seem like the easy choice, this may not be entirely so. The benefits of an LLC far outweigh those of a sole proprietorship. An LLC, also known as a limited liability corporation, can actually protect the owners of a business from being personally sued by those whom they have done business with. As a matter of fact, some individuals whom are essentially self-employed via contract work may choose to operate as an LLC due to the benefits and protections that it may provide them.