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A sole proprietorship consists of one business owner. The owner of a sole proprietorship may not be an LLC, corporation or another type of business entity. Profits from the business are reported on the owner's personal tax return. An LLC may have a single member or an unlimited number of members.What does 'LLC' mean in a business?
A limited liability company, or LLC, is a type of business structure where the owners or partners -- called members -- have only a limited liability for the debts and liabilities of the company. An LLC is generally formed by filing a document, called the Articles of Organization, with your state's tax office or Secretary of State.Can a LLC be an individual or sole proprietor?
Every state allows individual and sole proprietors to form a one-person limited liability company. An LLC offers your business the benefits of both corporations and sole proprietorships. Like a sole proprietorship, an LLC is a "pass through" entity: You report profits and losses as personal income.