Maine Corporation Filing

One of the first selections you need to make as a new company is figuring out what kind of business framework 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 challenging decision. There are a wide range of varied state filings available for businesses these days. Ensure that you choose the file the appropriate 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 uncover the major benefits of each type of state business filing.

If you do not mark 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 easy 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, 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 establishment. One of the most essential things to be aware of is that you will be personally liable for the actions of your partners and employees. Several of the benefits of establishing a partnership include the ability to enlist 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.

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Corporations have a lot of notable benefits over partnerships. One of 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 as an example, the business secured a loan in order to invest in 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 fairly 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 normal corporation in regards to limited liability. However, for tax purposes, you are treated equally 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 several of the same features, as corporations they are distinct. Like a corporation, they offer limited liability protection. However a limited liability company can include 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 easier to setup than corporations and have fewer regulatory conditions. 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 administering is very small and has no debt.

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