South Dakota 2290 Highway Use Tax

Among the first decisions you must make as a new business owner is deciding what variety 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, knowing which type to file can be a difficult decision. There are a wide range of varied state filings available for businesses nowadays. Make sure that you choose the file the ideal 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 form of state business filing.

If you do not appoint your business with any other kind of structure then it will be considered a sole proprietorship by the state. The main perks of sole proprietorships are they are straightforward to setup, have few filing requirements, and your business income is taxed together with your personal income. However, this structure is not a separate legal entity from you as an individual, consequently 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 establishment. Among the most important things to be familiar with is that you will be directly liable for the actions of your partners and employees. A few of the benefits of arranging 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 way to access capital.

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Corporations have a number of important benefits over partnerships. One of 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 secured a loan in order to buy a new rig and was not capable to meet the payments, your lender could not pursue you personally for the payment owed. Sub chapter S corporations are a relatively 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 normal corporation in terms of limited liability. However, for tax purposes, you are treated in the same way as a partnership. This helps to prevent 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 few of the same features, as corporations they are distinct. Like a corporation, they offer limited liability protection. However a limited liability company can include a single owner, in which case they are taxed as if they were a sole proprietorship. You can additionally have multiple owners for your limited liability company. Just one of the other benefits is that they are generally easier to setup than corporations and have fewer regulatory prerequisites. In a limited liability partnership you are safeguarded from the actions of these other parties. Simultaneously 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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