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24 February, 09:47

Is a single member llc the same as a sole proprietorship

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  1. 24 February, 10:34
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    Not same.

    Explanation:

    No, a single member is not similar to the sole proprietorship and the main difference is that a sole proprietorship and the proprietor are one and the same, while a single-member LLC provides a distinction between the two in judicial as well as in tax matters. This separation provides the proprietor with personal security from the liabilities, duties, acts, debts, and taxes of the company.
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