Tennessee 2290 Heavy Highway Use Tax

One of the first decisions you have to make as a new entrepreneur is determining what form 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 difficult decision. There are a wide range of various state filings available for businesses nowadays. Ensure 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 learn the major benefits of each form of state business filing.

If you do not define 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 convenient to setup, have few filing requirements, and your business income is taxed alongside your personal income. However, this construction 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 a minimum of one other individual are joint owners in the establishment. Among the most essential things to be aware of is that you will be personally liable for the actions of your partners and employees. Some of the benefits of establishing a partnership include the ability to join resources and knowledge with another. For 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 distinct legal entity from you as an individual. If for instance, the business took out a loan in order to pay for 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 pretty 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 equally as a partnership. This helps to avoid the problem of double taxation which occurs with 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 number 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 also have multiple owners for your limited liability company. One of the other benefits is that they are generally much easier to setup than corporations and have fewer regulatory requirements. In a limited liability partnership you are protected 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 running is very small and has no debt.

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