I am trying to start a small farmer's market business with my brother, we wont be needing loans, etc as we have the funds, but we aren't sure what to file the business as with the secretary of state as we are not sure, we' be profitable in a year or so, and LLC minimum $800 tax kind puts pressure on us to make at least that in profits to be able to pay taxes.. Our options are really LLC or general partnership. and since it will be a sole proprietor, does general partnership work out in the long run?
A sole proprietorship is a business owned and operated by one person in which there is no legal distinction between the business and owner.
An LLC (limited liability company) is a business entity that has elements of both a corporation and a partnership (or sole proprietorship).
by attorney Gena Mccray
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