Sole Proprietorship to LLC (WHY Change to LLC?!)

Do you own a sole proprietorship? The Small Business Administration (SBA) defines it as an unincorporated business often used as a testing ground before forming a formal company. But sooner or later you will want to form a formal business, such as an LLC. There are 23 million sole proprietorships in the US, as of 2014, and many of these entrepreneurs should consider turning into an LLC. So why changing a sole proprietorship to LLC a good idea? Take advantage of limited liability Less taxes because you’re no longer taxed as a self-employed contractor More flexibility over how you’re taxed The fact is that if you want to start a US business you need to seriously consider taking advantage of the LLC structure. Send me a message at sam@mollaeilaw.com and tell me a little bit about your business. We will discuss whether the LLC structure is for you and how we can start to make that happen. Sole Proprietorship to LLC To convert a sole proprietorship to LLC you must go through a relatively simple process. The general path is …