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To establish an LLC you must also incorporate. It is one of the simpler ways to start a business, and is becoming one of the most popular ways to structure a business. Advantages: The owners of an LLC are generally not personally liable for the LLC´s debts. LLCs have the choice of paying taxes as a partnership, corporation, or sole proprietorship. For individuals who do not meet the criteria for an IRS "S" corporation, this may reduce taxes. Disadvantages: Incorporating a business can be expensive and requires filing Articles of Incorporation with your Secretary of State. You may need an attorney to help you write your founding documents.