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Among the first decisions you must make as a new business owner is determining what variety of business framework you will file as. Because you will probably be operating under the same structure for the rest of the journey of the business, recognizing which type to file might be a challenging decision. There are a wide range of different state filings available for businesses these days. 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 much easier, below you will learn 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 perks of sole proprietorships are they are convenient 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, and so you will be personally liable for any debts your business is subjected to.

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A partnership is where you and at least one other individual are joint owners in the business. One of the most important things to be familiar with is that you will be individually liable for the actions of your partners and employees. Several of the benefits of arranging a partnership include the ability to enlist resources and knowledge with another person. For instance, you might know how to run a trucking company, but your partner might know how to access capital.

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Corporations have a number of significant 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 instance, the business secured a loan in order to purchase 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 pretty 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 regular corporation in terms of limited liability. However, for tax purposes, you are treated equally 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 one of the most flexible form of business structures available. While limited liability companies do share some of the same features, as corporations they stand out. Like a corporation, they offer limited liability protection. Nonetheless a limited liability company can contain a single owner, in which case they are taxed as though they were a sole proprietorship. You can additionally 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 demands. In a limited liability partnership you are shielded 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 running is very small and has no debt.

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