Montana Corporate Filing

Among the first decisions you must 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 existence of the business, understanding which type to file could be a challenging decision. There are a wide range of assorted state filings available for businesses these days. See to it 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 less troublesome, below you will learn the major benefits of each type of state business filing.

If you do not appoint 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 easy 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, therefore 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 business. One of the most vital things to be aware of is that you will be individually liable for the actions of your partners and employees. A few of the benefits of arranging a partnership include the ability to join resources and knowledge with another person. As an example, you might know the way to run a trucking company, but your partner might know the best way to access capital.

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Corporations have a number of considerable benefits over partnerships. The most important of these is limited liability. What limited liability means is that the corporation is a completely independent legal entity from you as an individual. If for example, the business obtained a loan in order to buy a new rig and was unfit to meet the payments, your lender could not pursue you in person for the payment owed. Sub chapter S corporations are a pretty 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 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 extremely 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. That being said a limited liability company can include a single owner, whereby 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 easier to setup than corporations and have fewer regulatory conditions. In a limited liability partnership you are sheltered from the actions of these other parties. At the same time the business will be structured under the standards 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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