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Tax reporting requirements: Both sole proprietors and LLC owners are required to file certain tax forms and pay taxes on any profits they make. Sole proprietors report their business income and losses ...

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Choosing the right legal structure for your business can make the difference between success or failure. Explore the pros and ...

Being a sole trader means that you ... of a straightforward online registration form. Timing does matter, however, since there can be financial penalties if you fail to register before the end of the ...

Sole proprietorships don’t have any liability ... your EIN instead of your Social Security number when you fill out tax forms like the W-9. Using an EIN offers an extra layer of protection ...

Sole proprietors must pay self-employment taxes if the business’s overall profit surpasses its annual expenses. This information is reported on Schedule C with Form 1040 of your personal income ...

In some cases, tax bills can even get extreme — as in, owing hundreds of thousands of dollars. Car insurance premiums in ...

Christine is a non-practicing attorney, freelance writer, and author. She has written legal and marketing content and communications for a wide range of law firms for more ...

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The average cost to form an LLC is $129 ... thousands of dollars in filing fees, franchise taxes, legal fees, and more. In addition to sole proprietorship and corporation, there are other ...