What is the difference between llc and sole proprietor?

Explanation:

Sole proprietor: The sole proprietor is the owner of the company which runs the business individually without involving any other member.

Limited liability Company (LLC): The LLC is the company which has limited liability towards everything like - business expenses, obligations, etc.

The difference between these two is as follows:

1. Liability: The sole proprietor has unlimited liability whereas the LLC has limited liability

2. Ownership control: In the sole proprietorship, the single owner is there who is responsible for all the things but in the LLC it includes various employees, members, outsiders who are responsible for their task and control the business activities together.

3. The Number of owners: In a sole proprietorship, only one owner is there but in LLC, many owners can be there.

4. Existence of the entities: If the business owner dies than the proprietorship is not in existence whereas in the LLC the company is in existence whether someone dies or not because other peoples are there to take their position.

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income statement is prepared in order to show the profits and loss of a business. in order to prepare the income statement she should collect all the income and expenses of the product with the cost of production.