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An LLC is a extra complicated business structure than a sole proprietorship and may embrace people, firms, and different LLCs as members. Additionally, LLCs usually are not topic to a separate level of tax and supply the business proprietor liability safety and tax advantages Business news. Two common authorized structures for small companies are restricted legal responsibility corporations and sole proprietorships. After all that brainstorming, you’ll want a practical plan to get started along with your new small business.