Kentucky Corporation Filing

Among the first arrangements you need to make as a new company is determining what form of business system you will file as. Because you will likely be operating under the same structure for the rest of the life of the business, finding out which type to file might be a difficult decision. There are a wide range of assorted state filings available for businesses these days. Be sure that you choose the file the best one as it can make a huge difference for the financial future of both you and your business. To make your task less troublesome, below you will uncover the major benefits of each form of state business filing.

If you do not define your business with any other type 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 alongside your personal income. However, this construction is not a separate legal entity from you as an individual, consequently you will be personally liable for any debts your business acquires.

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A partnership is where you and at least one other individual are joint owners in the establishment. One of the most important things to be familiar with is that you will be directly 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 another person. For instance, you might know how to run a trucking company, but your partner might know the way to access capital.

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Corporations have a number of substantial benefits over partnerships. One of 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 as an example, the business took out a loan in order to buy a new rig and was not capable to meet the payments, your lender could not pursue you directly 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 typical corporation in regards to limited liability. However, for tax purposes, you are treated similarly as a partnership. This helps to avoid the problem of double taxation which occurs with standard corporations.

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Limited liability companies are one of the most flexible form of business structures available. While limited liability companies do share a couple of the same features, as corporations they stand out. Like a corporation, they offer limited liability protection. However a limited liability company can contain a single owner, in which case they are taxed as though they were a sole proprietorship. You can even 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 criteria. In a limited liability partnership you are protected from the actions of these other parties. Additionally 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 administering is very small and has no debt.

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