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OLLC (Limited Liability Corporation). You can be a sole proprietor – alone in your business – as well as have an LLC. The difference here is your liability (if you get sued) is quite a bit reduced over that connected with sole proprietorship. You are required to have a specialized business company name. Your income flows through your regular tax revenue. You may very well qualify for about a refund, on top of that. Depending on the type of business you have, this can be a good technique.