New Hampshire Fuel Tax Reports

One of the first choices you need to make as a new entrepreneur is figuring out what form 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, knowing which type to file may be a difficult decision. There are a wide range of varied state filings available for businesses nowadays. Be sure 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 less complicated, below you will learn the major benefits of each variety 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 conveniences of sole proprietorships are they are straightforward to setup, have few filing requirements, and your business income is taxed in addition to your personal income. However, this framework is not a separate legal entity from you as an individual, and 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 one other individual are joint owners in the company. One of the most vital things to be familiar with is that you will be personally liable for the actions of your partners and employees. A few of the benefits of setting up a partnership include the ability to enlist resources and knowledge with someone else. As an example, you might know the best ways 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 important benefits over partnerships. One of 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 applied for a loan in order to purchase a new rig and was unfit to meet the payments, your lender could not pursue you individually 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 typical corporation in terms of 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 occurs with standard corporations.

On The Go Transportation – [Major] [Minor]

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

Limited liability companies are the most flexible form of business structures available. While limited liability companies do share several of the same features, as corporations they stand out. Like a corporation, they offer limited liability protection. However 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. Among the other benefits is that they are generally easier to setup than corporations and have fewer regulatory conditions. In a limited liability partnership you are sheltered from the actions of these other parties. Simultaneously 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 administering is very small and has no debt.

We Provide Company Filing Services to all Fifty States