Arizona Limited Liability Limited Partnership

One of the first selections you will need to make as a new business owner is figuring out what type of business structure you will file as. Because you will possibly be operating under the same structure for the rest of the existence of the business, knowing which type to file might be a challenging decision. There are a wide range of assorted state filings available for businesses nowadays. Make sure that you choose the file the correct one as it can make a huge difference for the financial future of both you and your business. To make your task much easier, below you will learn the major benefits of each form of state business filing.

If you do not appoint your business with any other form of structure then it will be considered a sole proprietorship by the state. The main features of sole proprietorships are they are convenient to setup, have few filing requirements, and your business income is taxed alongside your personal income. However, this construction is not a separate legal entity from you as an individual, and so you will be personally liable for any debts your business accumulates.

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A partnership is where you and a minimum of another individual are joint owners in the establishment. One of the most essential things to be familiar with is that you will be individually liable for the actions of your partners and employees. A few of the benefits of setting up a partnership include the ability to join resources and knowledge with another person. For example, you might know the way to run a trucking company, but your partner might know the best way to access capital.

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

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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. That being said a limited liability company can include a single owner, in which case they are taxed as though they were a sole proprietorship. You can even have multiple owners for your limited liability company. One of the other benefits is that they are generally less complicated to setup than corporations and have fewer regulatory criteria. In a limited liability partnership you are protected from the actions of these other parties. Additionally the business will be structured under the rules of normal partnership. This is generally a better choice than a standard partnership unless the business you are running is very small and has no debt.

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