Indiana Limited Partnership

Among the first decisions you have to make as a new company is deciding what form of business system you will file as. Because you will probably be operating under the same structure for the rest of the life of the business, finding out which type to file might be a challenging decision. There are a wide range of different state filings available for businesses nowadays. Make sure that you choose the file the right 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 find out the major benefits of each variety 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 conveniences of sole proprietorships are they are straightforward 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, consequently 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 another individual are joint owners in the business. 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. Some of the benefits of arranging a partnership include the ability to enlist resources and knowledge with someone else. 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 important benefits over partnerships. One of the most important of these is limited liability. What limited liability means is that the corporation is a completely distinct legal entity from you as an individual. If for example, the business secured a loan in order to pay for a new rig and was unfit 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 to be popular with many small business owners. A sub chapter S corporation is treated the same as a typical corporation in regards to limited liability. However, for tax purposes, you are treated in the same way as a partnership. This helps to prevent 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 number of the same features, as corporations they stand out. Like a corporation, they offer limited liability protection. Having said that a limited liability company can consist of 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. Among the other benefits is that they are generally much simpler to setup than corporations and have fewer regulatory conditions. In a limited liability partnership you are sheltered from the actions of these other parties. Simultaneously the business will be structured under the standards 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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