Subscribe for more FREE legal/business advice https://www.youtube.com/channel/UCFH94iHPcFUYlkgxtgIh2mA?sub_confirmation=1 Advantages of having an LLC over a Sole Proprietorship Limited Liability: Members (owners) of an LLC are typically not personally responsible for the company's debts or liabilities, protecting their personal assets. Flexibility in Management: LLCs offer more flexibility in terms of management structure, allowing members to choose between member-managed or manager-managed structures. Tax Flexibility: LLCs can choose how they want to be taxed, either as a pass-through entity (like a sole proprietorship or partnership) or as a corporation. This flexibility can provide potential tax advantages. Perpetual Existence: An LLC can have perpetual existence, meaning it can continue to exist even if the original members leave or new members join. Credibility and Perceived Stability: Having "LLC" in the business name can add credibility and perceived stability compared to a sole proprietorship. Ease of Transferability: Ownership interests in an LLC are usually easier to transfer than the sale of an entire sole proprietorship. Separation of Personal and Business Affairs: Forming an LLC helps maintain a clear separation between personal and business finances and affairs. ➡️ Visit our website to protect yourself and business with an LLC: https://draftedlegal.com/ Drafted Legal services site helps entrepreneurs create legal documents and set up companies, building a solid foundation for their business without having to hire a lawyer. #smallbusinessowner #smallbusiness #smallbusinesstips #unitedstates #usa #shorts