Sole proprietorships and one-member limited liability companies (LLC's) are different in some respects, but very similar in others. Even though one-member LLC's provide some protection through the establishment of a separate legal entity, the operations of these two businesses are often very similar. Likewise, both sole proprietors and owners of one-member LLC's file their taxes in the same manner, by completing a Schedule C on which the owner reports the profit or loss from business activity.
No balance sheet is required of these types of business organizations, although the information that is contained in a standard balance sheet is often necessary in order to conduct a complete credit analysis.
- Sole proprietorships: definition and characteristics
- One-member LLC's: definition and characteristics
- The Schedule C: what it does and doesn't include
- Questions that need to be asked when a Balance Sheet is not available
Who Should Attend?
Credit Analysts, Loan Officers, Branch Managers, and Loan Committee members will benefit from this program.
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