2290 Highway Use Tax Services

Among the first arrangements you have to make as a new company is figuring out what type of business system you will file as. Because you will probably be operating under the same structure for the rest of the life of the business, recognizing which type to file may be a complicated decision. There are a wide range of varied state filings available for businesses these days. See to it that you choose the file the best one as it can make a huge difference for the financial future of both you and your business. To make your task simpler, below you will find out the major benefits of each form of state business filing.

If you do not allocate your business with any other type of structure then it will be considered a sole proprietorship by the state. The main conveniences of sole proprietorships are they are simple to setup, have few filing requirements, and your business income is taxed along with your personal income. However, this construction is not a separate legal entity from you as an individual, consequently you will be personally liable for any debts your business incurs.

[Minor] – [Major] On The Go Transportation

A partnership is where you and a minimum of one other individual are joint owners in the company. One of the most vital things to be aware of is that you will be directly liable for the actions of your partners and employees. Some of the benefits of establishing a partnership include the ability to join resources and knowledge with someone else. For instance, you might know tips on how to run a trucking company, but your partner might know the way to access capital.

Call On The Go for [Major] – [Minor]

Corporations have a lot of important benefits over partnerships. One of the most important of these is limited liability. What limited liability means is that the corporation is a completely distinct legal entity from you as an individual. If for instance, the business applied for a loan in order to purchase a new rig and was unfit to meet the payments, your lender could not pursue you directly for the payment owed. Sub chapter S corporations are a fairly new form of business structure that has proved as being popular with many small business owners. A sub chapter S corporation is treated the same as a regular corporation in terms of limited liability. However, for tax purposes, you are treated similarly as a partnership. This helps to prevent the problem of double taxation which occurs with standard corporations.

On The Go Transportation – [Major]

Call (800) 845-1190 for [Minor] – [Major]

Limited liability companies are one of the most flexible form of business structures available. While limited liability companies do share several of the same features, as corporations they are distinct. Like a corporation, they offer limited liability protection. However a limited liability company can contain a single owner, where case they are taxed as though they were a sole proprietorship. You can additionally have multiple owners for your limited liability company. One of the other benefits is that they are generally much easier to setup than corporations and have fewer regulatory demands. In a limited liability partnership you are shielded from the actions of these other parties. At the same time the business will be structured under the guidelines of normal partnership. This is generally a better choice than a standard partnership unless the business you are managing is very small and has no debt.

We Provide Company Filing Services to all Fifty States