Choosing Your Business Structure: LLC, Corporation, and Sole Proprietorship
Summary:Limited Liability Company (LLC): Flexibility and Liability ProtectionCorporation: Formality and Investment AttractionSole Proprietorship: Simplicity and Personal LiabilityWhen starting a business in South Africa, one of the crucial decisions you'll face is choosing the right business structure. Each option offers distinct advantages and disadvantages. Here's a breakdown of the pros and cons of three common business structures: LLC, Corporation, and Sole Proprietorship.
1. Limited Liability Company (LLC):Pros:Flexibility: LLCs offer a flexible management structure, allowing members to customize their operational procedures.Liability Protection: Members' personal assets are protected from business liabilities. In case of legal issues...