New York IRS Form 2290

Among the first choices you have to make as a new entrepreneur is deciding what kind of business structure you will file as. Because you will probably be operating under the same structure for the rest of the existence of the business, finding out which type to file might be a tough decision. There are a wide range of different state filings available for businesses these days. Ensure that you choose the file the correct 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 type of state business filing.

If you do not designate your business with any other type of structure then it will be considered a sole proprietorship by the state. The main perks of sole proprietorships are they are easy to setup, have few filing requirements, and your business income is taxed along with your personal income. However, this system is not a separate legal entity from you as an individual, therefore you will be personally liable for any debts your business acquires.

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A partnership is where you and a minimum of another individual are joint owners in the company. One of the most vital things to be aware of is that you will be directly liable for the actions of your partners and employees. Several of the benefits of creating a partnership include the ability to enlist resources and knowledge with someone else. For example, you might know the way 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 important benefits over partnerships. 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 as an example, the business obtained a loan in order to purchase a new rig and was not capable to meet the payments, your lender could not pursue you in person for the payment owed. Sub chapter S corporations are a reasonably 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 regular corporation in terms of limited liability. However, for tax purposes, you are treated equally 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 few of the same features, as corporations they are distinct. Like a corporation, they offer limited liability protection. Nonetheless a limited liability company can include a single owner, where case they are taxed as if they were a sole proprietorship. You can also have multiple owners for your limited liability company. One of the other benefits is that they are generally easier to setup than corporations and have fewer regulatory demands. In a limited liability partnership you are sheltered 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 administering is very small and has no debt.

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