Delaware Limited Liability Limited Partnership

One of the first selections you will need to make as a new company is deciding what variety of business framework you will file as. Because you will most likely be operating under the same structure for the rest of the life of the business, determining which type to file might be a difficult decision. There are a wide range of varied state filings available for businesses nowadays. Make sure 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 much easier, below you will uncover the major benefits of each variety of state business filing.

If you do not assign your business with any other type of structure then it will be considered a sole proprietorship by the state. The main advantages of sole proprietorships are they are simple 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 is subjected to.

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A partnership is where you and a minimum of one other individual are joint owners in the business. Among the most significant things to be aware of is that you will be individually liable for the actions of your partners and employees. A few of the benefits of arranging a partnership include the ability to enlist resources and knowledge with someone else. For instance, you might know tips on how to run a trucking company, but your partner might know how to access capital.

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Corporations have a lot 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 as an example, the business applied for a loan in order to invest in 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 normal corporation in terms of limited liability. However, for tax purposes, you are treated in the same way as a partnership. This helps to avoid the problem of double taxation which accompanies standard corporations.

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Limited liability companies are the most flexible form of business structures available. While limited liability companies do share a couple of the same features, as corporations they are distinct. Like a corporation, they offer limited liability protection. On the other hand a limited liability company can incorporate a single owner, where case they are taxed as though they were a sole proprietorship. You can even have multiple owners for your limited liability company. Just one of the other benefits is that they are generally much easier to setup than corporations and have fewer regulatory prerequisites. In a limited liability partnership you are protected from the actions of these other parties. Simultaneously 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 managing is very small and has no debt.

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