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Among the first arrangements you will need to make as a new entrepreneur is deciding what type of business framework you will file as. Because you will likely be operating under the same structure for the rest of the life 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 nowadays. Ensure 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 learn the major benefits of each form 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 advantages of sole proprietorships are they are simple 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, consequently you will be personally liable for any debts your business acquires.

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A partnership is where you and a minimum of one other individual are joint owners in the establishment. Among the most essential 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 setting up a partnership include the ability to join resources and knowledge with another person. As an example, you might know the best ways to run a trucking company, but your partner might know the best way to access capital.

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Corporations have a number 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 for instance, the business secured a loan in order to purchase 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 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 regular corporation in regards to 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.

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Limited liability companies are extremely flexible form of business structures available. While limited liability companies do share a few of the same features, as corporations they are distinct. Like a corporation, they offer limited liability protection. Nonetheless a limited liability company can consist of a single owner, in which case they are taxed as though 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 easier to setup than corporations and have fewer regulatory conditions. In a limited liability partnership you are shielded from the actions of these other parties. Additionally 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 operating is very small and has no debt.

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