What are the key differences between a sole proprietorship and a limited liability company (LLC) in terms of liability, tax treatment, and ease of formation?

1) What are the key differences between a sole proprietorship and a limited liability company (LLC) in terms of liability, tax treatment, and ease of formation?

2) If the iHiker partners convert their business from a general partnership to an LLC, what benefits and drawbacks might they experience regarding control and personal liability?

3)Why might a business choose to be treated as a Subchapter S Corporation rather than a regular corporation or LLC?

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