Montana Corporation Filing

Among the first choices you have to make as a new company is deciding what type of business structure you will file as. Because you will possibly be operating under the same structure for the rest of the journey of the business, understanding which type to file could be a complicated decision. There are a wide range of assorted state filings available for businesses nowadays. Make sure 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 find out the major benefits of each sort of state business filing.

If you do not define your business with any other kind of structure then it will be considered a sole proprietorship by the state. The main conveniences of sole proprietorships are they are simple to setup, have few filing requirements, and your business income is taxed together with your personal income. However, this structure is not a separate legal entity from you as an individual, consequently you will be personally liable for any debts your business accumulates.

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A partnership is where you and a minimum of one other individual are joint owners in the company. One of the most essential things to be familiar with is that you will be individually liable for the actions of your partners and employees. Some of the benefits of creating a partnership include the ability to join resources and knowledge with someone else. For instance, you might know the best ways to run a trucking company, but your partner might know how to access capital.

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Corporations have a lot of important benefits over partnerships. 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 obtained a loan in order to pay for a new rig and was not capable to meet the payments, your lender could not pursue you individually for the payment owed. Sub chapter S corporations are a relatively 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 standard corporation in terms of limited liability. However, for tax purposes, you are treated equally 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 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. Having said that a limited liability company can incorporate a single owner, where case they are taxed as if 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 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. At the same time the business will be structured under the rules 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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