Partnership Filings Services

Among the first choices you will need to make as a new company is deciding what variety of business system you will file as. Because you will most likely be operating under the same structure for the rest of the life of the business, recognizing which type to file may be a complicated decision. There are a wide range of different state filings available for businesses nowadays. See to it 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 much easier, below you will learn the major benefits of each sort of state business filing.

If you do not designate your business with any other type of structure then it will be considered a sole proprietorship by the state. The main conveniences of sole proprietorships are they are convenient 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 is subjected to.

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A partnership is where you and a minimum of one other individual are joint owners in the business. One of the most significant things to be aware of is that you will be specifically liable for the actions of your partners and employees. A few of the benefits of creating a partnership include the ability to join resources and knowledge with another person. For example, you might know tips on how to run a trucking company, but your partner might know how 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 for example, the business secured a loan in order to purchase a new rig and was unfit 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 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 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 some of the same features, as corporations they are distinct. Like a corporation, they offer limited liability protection. Having said that 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 demands. In a limited liability partnership you are protected from the actions of these other parties. At the same time 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 administering is very small and has no debt.

We Provide Company Filing Services to all Fifty States