Maryland LLC Filing

Among the first arrangements you must make as a new company is figuring out what type of business framework you will file as. Because you will likely be operating under the same structure for the rest of the existence of the business, determining which type to file could be a difficult decision. There are a wide range of different state filings available for businesses nowadays. Make sure that you choose the file the correct one as it can make a huge difference for the financial future of both you and your business. To make your task easier, below you will uncover the major benefits of each type of state business filing.

If you do not designate your business with any other form of structure then it will be considered a sole proprietorship by the state. The main advantages of sole proprietorships are they are convenient to setup, have few filing requirements, and your business income is taxed in addition to your personal income. However, this framework 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 a minimum of one other individual are joint owners in the business. Among the most significant 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 establishing 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 how to access capital.

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Corporations have a lot of substantial 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 secured a loan in order to invest in a new rig and was unfit to meet the payments, your lender could not pursue you personally 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 typical corporation in terms of limited liability. However, for tax purposes, you are treated equally as a partnership. This helps to avoid the problem of double taxation which accompanies standard corporations.

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Limited liability companies are extremely flexible form of business structures available. While limited liability companies do share some of the same features, as corporations they stand out. Like a corporation, they offer limited liability protection. However a limited liability company can consist of a single owner, whereby 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 requirements. In a limited liability partnership you are protected from the actions of these other parties. Additionally 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 managing is very small and has no debt.

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