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One of the first selections you must make as a new entrepreneur is determining what sort of business framework you will file as. Because you will probably be operating under the same structure for the rest of the journey of the business, knowing which type to file may be a tough decision. There are a wide range of varied state filings available for businesses these days. See to it 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 much easier, below you will find out the major benefits of each variety of state business filing.

If you do not allocate 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 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, and 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 establishment. One of the most significant things to be familiar with is that you will be personally liable for the actions of your partners and employees. Several of the benefits of establishing a partnership include the ability to enlist resources and knowledge with another. As an example, you might know the best ways to run a trucking company, but your partner might know the way to access capital.

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Corporations have a lot 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 example, the business took out a loan in order to pay for a new rig and was unable 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 to be 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 the most 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. That being said a limited liability company can incorporate a single owner, in which case they are taxed as if they were a sole proprietorship. You can also have multiple owners for your limited liability company. Just 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 shielded from the actions of these other parties. At the same time 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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