Florida Limited Liability Limited Partnership

Among the first arrangements you will need to make as a new business owner is deciding what sort of business system you will file as. Because you will possibly be operating under the same structure for the rest of the life of the business, finding out which type to file may be a tough decision. There are a wide range of varied state filings available for businesses these days. Ensure 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 find out the major benefits of each type of state business filing.

If you do not mark your business with any other kind 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 together with your personal income. However, this system 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 a minimum of one other individual are joint owners in the establishment. One of the most vital 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 setting up a partnership include the ability to join resources and knowledge with someone else. As an example, you might know tips on how 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 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 obtained a loan in order to invest in 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 reasonably 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 standard corporation in terms of limited liability. However, for tax purposes, you are treated similarly as a partnership. This helps to stay clear of the problem of double taxation which occurs with 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. That being said a limited liability company can include 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. Just one of the other benefits is that they are generally much easier to setup than corporations and have fewer regulatory criteria. In a limited liability partnership you are sheltered from the actions of these other parties. Simultaneously 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 running is very small and has no debt.

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