Over 75% of small businesses in the United States operate as sole proprietorships. This means that your business has a single owner – you – and that all risks and liabilities are taken on by you and no one else.
Remaining a sole proprietorship is a great choice for companies that are not interested in huge growth or in sharing decision-making with partners or a board of directors. If, however, your business is growing and you’re thinking of becoming an LLC, it’s important to know how your tax responsibilities and incentives will change. Continue reading “Sole Proprietor vs. LLC: How Your Taxes Will Change”