Wisconsin Highway Use Tax

One of the first arrangements you should make as a new company is figuring out what kind of business framework you will file as. Because you will likely be operating under the same structure for the rest of the journey of the business, knowing which type to file may be a complicated decision. There are a wide range of varied 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 sort of state business filing.

If you do not mark your business with any other form of structure then it will be considered a sole proprietorship by the state. The main features 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 at least another individual are joint owners in the company. Among the most significant 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 setting up a partnership include the ability to enlist resources and knowledge with someone else. As an example, you might know tips on how to run a trucking company, but your partner might know how to access capital.

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Corporations have a number of substantial 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 obtained 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 fairly 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 avoid 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. Having said that 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 simpler to setup than corporations and have fewer regulatory demands. In a limited liability partnership you are protected from the actions of these other parties. Additionally the business will be structured under the rules 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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