Georgia LLC Filing

One of the first choices you need to make as a new company is determining what form of business framework you will file as. Because you will possibly be operating under the same structure for the rest of the life of the business, understanding which type to file can be a challenging decision. There are a wide range of different state filings available for businesses nowadays. See to it 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 easier, below you will learn the major benefits of each form 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 advantages 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 framework 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 at least one other individual are joint owners in the enterprise. Among 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 setting up a partnership include the ability to enlist resources and knowledge with another person. For instance, you might know the best ways to run a trucking company, but your partner might know the way to access capital.

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Corporations have a lot of notable benefits over partnerships. One of 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 applied for 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 pretty 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 equally as a partnership. This helps to stay clear of the problem of double taxation which accompanies standard corporations.

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Limited liability companies are extremely 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. Having said that a limited liability company can contain a single owner, in which case they are taxed as though they were a sole proprietorship. You can also have multiple owners for your limited liability company. One of the other benefits is that they are generally easier to setup than corporations and have fewer regulatory requirements. In a limited liability partnership you are shielded 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 operating is very small and has no debt.

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