Montana Corp Filing

Among the first selections you must make as a new entrepreneur is deciding what form of business structure you will file as. Because you will most 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 various state filings available for businesses these days. Be sure 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 simpler, below you will find out the major benefits of each form 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 benefits of sole proprietorships are they are simple to setup, have few filing requirements, and your business income is taxed alongside your personal income. However, this framework is not a separate legal entity from you as an individual, and so you will be personally liable for any debts your business accumulates.

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A partnership is where you and at least another individual are joint owners in the business. One of the most significant 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 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 the way to access capital.

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Corporations have a number of important 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 as an example, the business applied for a loan in order to purchase 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 relatively 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 typical corporation in regards to limited liability. However, for tax purposes, you are treated in the same way as a partnership. This helps to avoid the problem of double taxation which accompanies 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 a few 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 consist of a single owner, in which case they are taxed as if they were a sole proprietorship. You can even 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 prerequisites. In a limited liability partnership you are shielded from the actions of these other parties. Simultaneously the business will be structured under the regulations 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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