Nebraska Highway Use Tax

Among the first arrangements you will need to make as a new company is deciding what sort 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, knowing which type to file might 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 troublesome, below you will learn 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 features of sole proprietorships are they are easy 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, so you will be personally liable for any debts your business incurs.

[Major] On The Go Transportation

A partnership is where you and at least another individual are joint owners in the enterprise. Among the most vital 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 arranging a partnership include the ability to enlist resources and knowledge with another person. For instance, you might know the way to run a trucking company, but your partner might know the way to access capital.

Call On The Go for [Minor] in [Major]

 

Corporations have a lot of notable benefits over partnerships. One of 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 as an example, the business took out a loan in order to buy a new rig and was not capable 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 standard corporation in terms of limited liability. However, for tax purposes, you are treated similarly as a partnership. This helps to prevent the problem of double taxation which accompanies standard corporations.

On The Go Transportation – [Major] [Minor]

Call (800) 845-1190 for [Minor] in [Major]

Limited liability companies are one of 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. However a limited liability company can consist of a single owner, where 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 much simpler to setup than corporations and have fewer regulatory requirements. 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 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