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I don't believe Sole Proprietors are charged a franchise fee. If you intend to be a single member LLC, then from most angles is the only difference vs a sole p
by phamilton 9y ago
I don't believe Sole Proprietors are charged a franchise fee.
If you intend to be a single member LLC, then from most angles is the only difference vs a sole proprietorship is that you'll pay $800.
IANAL and all that.
- gamblor956 9y agoThe difference between a sole proprietorship and an LLC is that an LLC is a legal entity and an SP is a guy pretending to be a business. An LLC--even a single-member LLC--has limited liability for legal purposes, though the practical effect is usually limited if the business is under-funded or with respect to third-party loan security requirements.
- jjeaff 9y agoA single member LLC with one employee is also just a person pretending to be a business. You are going to have very limited legal protection in the case of a small one man operation that has an LLC.