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LLC (Limited Liability Company)

Most businesses are Sole Proprietorships, but most smart Sole Proprietors end up as LLCs (or Limited Liability Companies).

LLCs are the most simple business structures, and they're flexible too. They can be single owners, or you can have partners. Some of the benefits include simplified taxes compared to other more complex business types, limited liability to you as a business owner, and separation and protection for your personal assets if the business goes under and the banks come collecting.