Kansas LLC Filing

One of the first arrangements you should make as a new company is deciding what variety of business framework you will file as. Because you will possibly be operating under the same structure for the rest of the journey of the business, recognizing which type to file could be a difficult decision. There are a wide range of varied state filings available for businesses nowadays. Be 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 less complicated, below you will uncover the major benefits of each variety of state business filing.

If you do not allocate your business with any other type of structure then it will be considered a sole proprietorship by the state. The main benefits of sole proprietorships are they are easy to setup, have few filing requirements, and your business income is taxed in addition to your personal income. However, this structure is not a separate legal entity from you as an individual, therefore 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 enterprise. One of the most important things to be familiar with is that you will be specifically liable for the actions of your partners and employees. A few of the benefits of creating a partnership include the ability to enlist resources and knowledge with someone else. As an example, you might know the way to run a trucking company, but your partner might know the way to access capital.

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Corporations have a lot of important benefits over partnerships. The most important of these is limited liability. What limited liability means is that the corporation is a completely independent legal entity from you as an individual. If for instance, the business took out a loan in order to invest in a new rig and was unable to meet the payments, your lender could not pursue you individually 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 standard corporation in regards to limited liability. However, for tax purposes, you are treated equally as a partnership. This helps to prevent 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 few 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, in which case they are taxed as if 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 requirements. In a limited liability partnership you are shielded from the actions of these other parties. Simultaneously the business will be structured under the guidelines 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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