Arkansas Limited Liability Partnership

Among the first arrangements you will need to make as a new business owner is determining what form of business system you will file as. Because you will probably be operating under the same structure for the rest of the existence of the business, knowing which type to file can be a difficult decision. There are a wide range of varied state filings available for businesses these days. Ensure that you choose the file the ideal 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 learn the major benefits of each form of state business filing.

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

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A partnership is where you and at least another individual are joint owners in the establishment. One of the most essential things to be aware of is that you will be specifically liable for the actions of your partners and employees. A few of the benefits of starting a partnership include the ability to enlist resources and knowledge with someone else. For example, you might know the best ways to run a trucking company, but your partner might know how to access capital.

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Corporations have a number of substantial 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 example, the business took out a loan in order to buy a new rig and was not capable to meet the payments, your lender could not pursue you in person for the payment owed. Sub chapter S corporations are a relatively 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 standard corporation in terms of limited liability. However, for tax purposes, you are treated equally as a partnership. This helps to avoid the problem of double taxation which accompanies 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 stand out. Like a corporation, they offer limited liability protection. Nonetheless a limited liability company can incorporate a single owner, where case they are taxed as if they were a sole proprietorship. You can also have multiple owners for your limited liability company. Just one of the other benefits is that they are generally less complicated to setup than corporations and have fewer regulatory prerequisites. In a limited liability partnership you are sheltered from the actions of these other parties. At the same time the business will be structured under the regulations 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.

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