Nevada Highway Use Tax

One of the first choices you need to make as a new business owner is figuring out what type 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, determining which type to file might be a complicated decision. There are a wide range of different state filings available for businesses nowadays. Be sure 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 find out the major benefits of each form of state business filing.

If you do not assign 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 simple to setup, have few filing requirements, and your business income is taxed in addition to your personal income. However, this construction is not a separate legal entity from you as an individual, so you will be personally liable for any debts your business incurs.

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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. Several of the benefits of starting a partnership include the ability to join resources and knowledge with another person. For example, you might know the best ways to run a trucking company, but your partner might know how to access capital.

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Corporations have a number of considerable 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 for instance, the business took out a loan in order to pay for 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 fairly 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 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 extremely flexible form of business structures available. While limited liability companies do share a couple 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 incorporate a single owner, where case they are taxed as though they were a sole proprietorship. You can even have multiple owners for your limited liability company. Among the other benefits is that they are generally easier to setup than corporations and have fewer regulatory requirements. In a limited liability partnership you are safeguarded from the actions of these other parties. At the same time the business will be structured under the rules 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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