<human>:  What is the difference between a sole proprietorship and an LLC?
<bot>: The main difference between a sole proprietorship and an LLC is that a sole proprietorship is an unincorporated business owned and operated by one individual, while an LLC (or limited liability company) is a business structure that combines elements of both partnerships and corporations, giving the owners limited liability protection. In a sole proprietorship, the business is not a separate legal entity and the owner is personally liable for all business debts and obligations. In an LLC, the owners are not personally liable for business debts, and any losses are limited to what is invested in the company. This difference in legal responsibility offers more protection to the owners of an LLC.