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One of the first arrangements you should make as a new entrepreneur is figuring out what sort of business framework you will file as. Because you will likely be operating under the same structure for the rest of the existence of the business, knowing which type to file can be a difficult decision. There are a wide range of assorted state filings available for businesses these days. Be sure that you choose the file the appropriate 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 uncover the major benefits of each type of state business filing.

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

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A partnership is where you and at least another individual are joint owners in the establishment. Among the most important 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 creating a partnership include the ability to enlist resources and knowledge with another. For instance, 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 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 as an example, the business obtained a loan in order to pay for a new rig and was unfit to meet the payments, your lender could not pursue you personally 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 standard corporation in terms of 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 accompanies standard corporations.

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Limited liability companies are one of the most flexible form of business structures available. While limited liability companies do share a few of the same features, as corporations they stand out. Like a corporation, they offer limited liability protection. Having said that a limited liability company can consist of a single owner, whereby case they are taxed as though they were a sole proprietorship. You can even 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 conditions. In a limited liability partnership you are protected from the actions of these other parties. Simultaneously 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 running is very small and has no debt.

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