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Among the first arrangements you must make as a new business owner is figuring out what type of business framework you will file as. Because you will most likely be operating under the same structure for the rest of the life of the business, finding out which type to file can be a tough decision. There are a wide range of assorted state filings available for businesses nowadays. Ensure 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 troublesome, below you will learn the major benefits of each variety of state business filing.

If you do not assign your business with any other kind of structure then it will be considered a sole proprietorship by the state. The main advantages of sole proprietorships are they are easy 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, 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 one other individual are joint owners in the establishment. One of the most important things to be familiar with is that you will be directly liable for the actions of your partners and employees. Some of the benefits of starting a partnership include the ability to enlist resources and knowledge with someone else. As an example, you might know the way to run a trucking company, but your partner might know the way to access capital.

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Corporations have a lot of significant 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 obtained a loan in order to purchase a new rig and was not capable to meet the payments, your lender could not pursue you individually 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 similarly as a partnership. This helps to stay clear of the problem of double taxation which accompanies 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 stand out. Like a corporation, they offer limited liability protection. That being said a limited liability company can include 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. 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 safeguarded from the actions of these other parties. Additionally the business will be structured under the standards 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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