Kansas Limited Liability Limited Partnership

Among the first selections you must make as a new entrepreneur is deciding what kind of business framework you will file as. Because you will most likely be operating under the same structure for the rest of the existence of the business, determining which type to file might be a tough 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 much easier, below you will uncover the major benefits of each type of state business filing.

If you do not assign your business with any other kind 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 system is not a separate legal entity from you as an individual, consequently you will be personally liable for any debts your business incurs.

[Major] On The Go Transportation

A partnership is where you and at least one other individual are joint owners in the enterprise. Among the most essential things to be aware of is that you will be directly liable for the actions of your partners and employees. Several of the benefits of creating a partnership include the ability to join resources and knowledge with someone else. For example, you might know how to run a trucking company, but your partner might know the best way to access capital.

Call On The Go for [Minor] in [Major]

Corporations have a number of notable 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 for instance, the business took out a loan in order to purchase 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 to be 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 similarly as a partnership. This helps to avoid the problem of double taxation which accompanies standard corporations.

On The Go Transportation – [Major] [Minor]

Call (800) 845-1190 for [Minor] in [Major]

Limited liability companies are extremely 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. Nonetheless a limited liability company can include a single owner, in which 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 less complicated to setup than corporations and have fewer regulatory demands. In a limited liability partnership you are protected 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 administering is very small and has no debt.

We Provide Company Filing Services to all Fifty States