Compare sole proprietorships and LLCs on liability protection, taxes, formation costs, and compliance. Choose the right business structure for your venture.
Use our free LLC vs S-Corp Calculator to analyze your own situation and make the best decision.
LLC formation costs vary by state, typically ranging from $50 to $500 for filing articles of organization. Some states also require annual reports or franchise taxes ($50-$800 per year). You may also want to budget for an operating agreement and registered agent service.
Most sole proprietorships need at minimum a local business license or permit. If you use a business name different from your legal name, you will need to file a DBA (Doing Business As). Specific industry licenses may also be required depending on your business type.
Yes, you can convert to an LLC at any time by filing articles of organization with your state, obtaining a new EIN, and updating your business accounts and contracts. The process is straightforward but may require transferring assets and updating vendor agreements.
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