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LLC vs Sole Proprietor: Which Is Best For Your Business?

One of the biggest questions I get as a business coach is “Should I run my business as a Sole Proprietor or setup an LLC?”

Maybe you’ve asked that question yourself.

Perhaps you’ve been confused about which one makes sense from a tax perspective for your business.

Or maybe you’re actually thinking: “I don’t even know what either of those are and why should I care?!”

Today I want to explain the differences between the two and give you a simple and easy framework to know which is the right entity for your business.

Huge preface up front however, I am not a licensed tax professional and I don’t know your personal situation so I can only speak in generalities.

If you are still unsure after this post please consult your CPA or tax advisor!

And huge preface number two, this material applies primarily to those starting businesses in America since that is the tax code I am familiar with.

 

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