New Hampshire Heavy Highway Use Tax

Among the first decisions you will need to make as a new entrepreneur is deciding what sort of business structure you will file as. Because you will most likely be operating under the same structure for the rest of the existence of the business, finding out which type to file could be a difficult decision. There are a wide range of various state filings available for businesses these days. 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 simpler, below you will uncover the major benefits of each sort of state business filing.

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

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A partnership is where you and at least another individual are joint owners in the business. Among the most important things to be aware of is that you will be individually liable for the actions of your partners and employees. A few of the benefits of creating a partnership include the ability to enlist resources and knowledge with another person. For instance, you might know how to run a trucking company, but your partner might know how to access capital.

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Corporations have a number of substantial benefits over partnerships. The most important of these is limited liability. What limited liability means is that the corporation is a completely distinct legal entity from you as an individual. If for instance, the business applied for a loan in order to purchase a new rig and was unfit to meet the payments, your lender could not pursue you in person for the payment owed. Sub chapter S corporations are a fairly new form of business structure that has proved to be 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 prevent the problem of double taxation which accompanies standard corporations.

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Limited liability companies are one of 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. 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 additionally have multiple owners for your limited liability company. 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 safeguarded from the actions of these other parties. Additionally the business will be structured under the guidelines 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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