LLC vs Sole Proprietorship: Which is right for you in 2024?

Confused about whether to set up your business as an LLC or sole proprietorship? In this video, we break down the advantages and differences between the two to help you make the best decision for your business in 2024. Learn about the legal and financial benefits of each entity and which one is the right fit for your business goals. Don't miss out on this important information for entrepreneurs and business owners!
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The information provided in this video should not be construed or relied on as legal advice for any specific fact or circumstance. Its content was prepared by 180 Law Co. LLC, with its principal office located at 1580 N. Logan St., Ste. 660, PMB 92925, Denver, CO 80203. This video is designed for entertainment and information purposes only. Viewing this video does not create an attorney-client relationship with 180 Law Co. LLC or any of its lawyers. You should not act or rely on any of the information contained herein without seeking professional legal advice.
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[@LazaroAlejandroOficial]

Thanks Attorney Durham

[@briman113]

SP here, county registered DBA and all the local licenses. I would have went SP anyway (Just make sure you have good insurance and follow rules as if you were LLC) BUT here in California it is $800.00 annual for LLC organization

[@xa3558]

Thank you, attorney Durham !

[@wintermoongifts]

I'm the one who isn't super risky or likes the idea of being sued...and am now wishing I'd have formed an LLC instead of a Sole Prop....but...it's fine, everything is fine (insert Ross from Friends Meme here)

[@allupinyobiz]

🤣 it is fine! I got you, girl!

[@FernandoVazquezIII-bt8oy]

What's the point of having LLC if you can still be sued personally when your LLC doesn't have enough money ?

[@OVRCOME]

If you formed an 2 person LLC and changed it to an SCorp? Is it possible to change it back to just a LLC taxed as a partnership?

[@chadwillis9511]

Just started LLC with $500 initial member contribuition. If I end up with $500 net income end of year, is that taxable, or does the member contribution offset that? Did more research, looks like it may be recorded as equity and offset unless I took out distributions during the year which would negate that initial contribution. Sound right?

[@operator8194]

A+

[@evans1875]

I am leasing my truck on to a trucking company running under their name. They said to send them my ein number. when i apply for an ein it ask for my business name 'llc' . i don't have a business name just need the ein. Is it possible to get an ein without a business name? and what to i mark in the box that ask for the business name? thanks