North Dakota Heavy Highway Use Tax

Among the first arrangements you will need to make as a new business owner is determining what type of business structure 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 tough decision. There are a wide range of various state filings available for businesses these days. Be sure 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 form of state business filing.

If you do not mark your business with any other type of structure then it will be considered a sole proprietorship by the state. The main features of sole proprietorships are they are straightforward 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, so you will be personally liable for any debts your business accumulates.

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A partnership is where you and at least one other individual are joint owners in the enterprise. Among the most vital things to be aware of is that you will be directly liable for the actions of your partners and employees. A few of the benefits of setting up a partnership include the ability to join 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 best way to access capital.

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Corporations have a number of considerable 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 for instance, the business took out a loan in order to buy 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 pretty 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 stay clear of 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 some of the same features, as corporations they stand out. Like a corporation, they offer limited liability protection. However a limited liability company can include a single owner, whereby case they are taxed as though 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 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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