Single-Member LLC vs. Sole Proprietorship
Single-Member LLC vs. Sole Proprietorship
Dec 20, 2024
wolterskluwer.com
An LLC is one of the most popular business structures — but popularity alone does not determine suitability. Many business owners form an LLC expecting tax savings, only to discover that an LLC is primarily a legal structure, not a tax classification. By default, a single-member LLC is generally taxed like a sole proprietorship. A multi-member LLC is typically taxed like a partnership. The LLC itself does not automatically change how income is taxed. Its core function is liability protection and
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