Sole Proprietorship or LLC?
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Tag: sole proprietor
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Being a sole proprietor is the easiest form of being in business. You are the business. That being said, some states and local municipalities do require that you register your business. In addition, if you’re doing business under a different name, then you may need to file a DBA with your state. So, for instance, if you are Joe Smith and want to have a business called Let Me Cerakote Your Gun, you need to check with your state to see if you need to register that business name.
Sole Proprietor Pros
Sole Proprietor Cons
While there are many different types of business structures, Limited Liability Corporations (LLC) are popular because they are fairly painless to set up and manage. The biggest advantage of an LLC in comparison to a sole proprietorship is that the business liability is lessened for the owner(s). Business assets are segregated from personal assets; which means your personal property is protected.
LLC Pros
LLC Cons
You are allowed to change your business structure after you've already been in business. John and I went from a Partnership to an LLC a few years into our business. We did have to reapply for our FFL, but hey, what's a little more paperwork!
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