
Single Member LLC

A Single Member LLC is a legal entity business owned by one individual. The primary advantage of an LLC is that it provides limited liability protection to its member. This means the member's personal assets are generally protected from the debts and liabilities of the LLC. A Single Member LLC is treated as a "disregarded entity," meaning it is taxed as a Sole Proprietorship and does not file its own separate tax return. Instead, the profits or losses of the business are reported on the member's personal tax return.