Missouri Limited Liability Partnership

One of the first choices you should make as a new company is deciding 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, recognizing which type to file can be a difficult decision. There are a wide range of varied state filings available for businesses nowadays. Ensure 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 much easier, below you will find out 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 straightforward to setup, have few filing requirements, and your business income is taxed together with 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 acquires.

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A partnership is where you and a minimum of 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. 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 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 separate legal entity from you as an individual. If as an example, the business took out a loan in order to invest in 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 reasonably 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 terms of limited liability. However, for tax purposes, you are treated similarly as a partnership. This helps to stay clear of the problem of double taxation which occurs with standard corporations.

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Limited liability companies are 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. Nonetheless a limited liability company can contain a single owner, where case they are taxed as though they were a sole proprietorship. You can also 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 managing is very small and has no debt.

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