Are you planning for a business venture? You may want to set it up as a limited liability company instead of sole proprietorship. There are several advantages if you put up your business this way and it has protection not covering solo ownership.
Primarily, a limited liability company or LLC is a business entity with the combination limited liability protection of a corporation and the pass-through taxation scheme of solo ownership. It means, it has a protection covering you as an individual against liabilities and are also taxed based on the money you earn from the company.
