North Dakota 2290 Highway Use Tax

One of the first arrangements you must make as a new company is deciding what type of business framework you will file as. Because you will possibly be operating under the same structure for the rest of the existence of the business, knowing which type to file may be a difficult decision. There are a wide range of different state filings available for businesses these days. See to it that you choose the file the best 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 find out the major benefits of each variety of state business filing.

If you do not assign your business with any other form 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 alongside your personal income. However, this structure is not a separate legal entity from you as an individual, therefore you will be personally liable for any debts your business accumulates.

[Major] On The Go Transportation

A partnership is where you and at least one other individual are joint owners in the establishment. Among the most important things to be aware of is that you will be individually liable for the actions of your partners and employees. Several of the benefits of setting up 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.

Call On The Go for [Minor] in [Major]

 

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 for example, the business applied for a loan in order to invest in a new rig and was not capable to meet the payments, your lender could not pursue you directly for the payment owed. Sub chapter S corporations are a reasonably 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 regular corporation in terms of 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.

On The Go Transportation – [Major] [Minor]

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

Limited liability companies are extremely flexible form of business structures available. While limited liability companies do share a couple of the same features, as corporations they stand out. Like a corporation, they offer limited liability protection. Nonetheless a limited liability company can incorporate a single owner, whereby case they are taxed as if they were a sole proprietorship. You can additionally 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 demands. 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.

We Provide Company Filing Services to all Fifty States