Wisconsin Fuel Tax Report

Among the first selections you have to make as a new business owner is deciding what kind of business system you will file as. Because you will probably be operating under the same structure for the rest of the existence of the business, finding out which type to file may be a difficult decision. There are a wide range of assorted state filings available for businesses these days. Ensure that you choose the file the correct 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 type of state business filing.

If you do not designate your business with any other kind of structure then it will be considered a sole proprietorship by the state. The main advantages of sole proprietorships are they are convenient to setup, have few filing requirements, and your business income is taxed in addition to 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 incurs.

[Major] On The Go Transportation

A partnership is where you and at least another individual are joint owners in the enterprise. Among the most essential things to be aware of is that you will be individually liable for the actions of your partners and employees. Some of the benefits of starting a partnership include the ability to enlist resources and knowledge with another person. As an example, you might know how to run a trucking company, but your partner might know how to access capital.

Call On The Go for [Minor] in [Major]

 

Corporations have a lot of significant 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 example, the business applied for a loan in order to invest in 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 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 stay clear of the problem of double taxation which occurs with standard corporations.

On The Go Transportation – [Major] [Minor]

Call (800) 845-1190 for [Minor] in [Major]

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. On the other hand 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. Among 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 operating is very small and has no debt.

We Provide Company Filing Services to all Fifty States