Kentucky Corporation Filings

One of the first selections you need to make as a new entrepreneur is determining what type 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, understanding which type to file could be a difficult decision. There are a wide range of various state filings available for businesses nowadays. Be sure 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 much easier, below you will learn the major benefits of each sort 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 perks of sole proprietorships are they are straightforward to setup, have few filing requirements, and your business income is taxed along with your personal income. However, this system 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 establishment. Among the most essential 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 starting a partnership include the ability to join resources and knowledge with another person. For example, you might know the best ways 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 significant 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 took out a loan in order to buy a new rig and was unfit to meet the payments, your lender could not pursue you individually for the payment owed. Sub chapter S corporations are a fairly 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 regards to limited liability. However, for tax purposes, you are treated similarly as a partnership. This helps to prevent 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 some of the same features, as corporations they are distinct. Like a corporation, they offer limited liability protection. Nonetheless a limited liability company can incorporate a single owner, where case they are taxed as though they were a sole proprietorship. You can additionally have multiple owners for your limited liability company. Among the other benefits is that they are generally much easier to setup than corporations and have fewer regulatory prerequisites. In a limited liability partnership you are shielded from the actions of these other parties. Simultaneously the business will be structured under the regulations of normal partnership. This is generally a better choice than a standard partnership unless the business you are running is very small and has no debt.

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