Thank you for your post. You state: “Changing to LLC from sole proprietorship has advantages such as, liability: in a sole proprietorship, there is an unlimited liability for the obligations and debts of the company. In the event when the company will be sued the sole proprietor will lose their vehicle, house and other valuables things that he possesses. On the other hand, the liability is limited protected against the liabilities of the company. There are tax benefits: LLC income is taxed at the personal level. “Pass through” tax status is offered by LLC. Continuity of the company: in the sole proprietorship, the business ends when the person dies, sell the business to some else or when he retires.”
Were any aspects of this week’s topic difficult or counterintuitive?