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An LLC exists separately from its owners?known as members. However, members are not personally responsible for business debts and liabilities. Instead, the LLC is responsible. A sole proprietorship is an unincorporated business owned and run by one person.
For cost, simplicity, and control, the sole proprietorship is the clear winner. But the LLC has the edge for risk management and flexibility. Both structures qualify for pass-through taxation, with additional tax options available to LLCs.
Sole proprietors don't have to be registered with the State of Oregon unless they are using an assumed business name or a fictitious name.
Unlike a Sole Proprietor which is an unregistered business entity using for the most part the single owner's name, a Single-Member LLC registers the business entity with the state and separates the personal assets of the single owner from that of the business.
A sole proprietorship has no existence separate from its owner. Therefore, the legal or true name of a sole proprietorship is its owner's full name.
An individual owner of a single-member LLC that operates a trade or business is subject to the tax on net earnings from self employment in the same manner as a sole proprietorship.
You amend your articles of organization by submitting the completed Oregon Articles of Amendment/Dissolution ? Limited Liability Company form to the Oregon Secretary of State Corporation Division by mail, in person or courier service or by fax. When fax filing, you pay your filing fee with the Fax Cover Sheet.