Montana Corporation Filings

One of the first choices you must make as a new business owner is figuring out what form of business structure you will file as. Because you will possibly be operating under the same structure for the rest of the life of the business, knowing which type to file could be a complicated decision. There are a wide range of varied state filings available for businesses these days. Make sure that you choose the file the right one as it can make a huge difference for the financial future of both you and your business. To make your task less complicated, below you will uncover the major benefits of each variety of state business filing.

If you do not appoint your business with any other form of structure then it will be considered a sole proprietorship by the state. The main perks of sole proprietorships are they are easy to setup, have few filing requirements, and your business income is taxed alongside your personal income. However, this structure is not a separate legal entity from you as an individual, and so you will be personally liable for any debts your business is subjected to.

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A partnership is where you and at least one other individual are joint owners in the enterprise. One of the most important things to be aware of is that you will be personally liable for the actions of your partners and employees. Some of the benefits of creating a partnership include the ability to enlist resources and knowledge with another. As an example, you might know the way to run a trucking company, but your partner might know the way to access capital.

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Corporations have a lot of significant 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 pay for a new rig and was not capable to meet the payments, your lender could not pursue you directly 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 standard 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 the most flexible form of business structures available. While limited liability companies do share a number of the same features, as corporations they are distinct. Like a corporation, they offer limited liability protection. On the other hand 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. 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. Simultaneously 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 operating is very small and has no debt.

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