Alabama Corporate Filing

One of the first choices you have to make as a new business owner is determining what kind 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, understanding which type to file could be a complicated decision. There are a wide range of various 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 find out the major benefits of each type 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 convenient to setup, have few filing requirements, and your business income is taxed alongside your personal income. However, this framework 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 enterprise. One of the most essential things to be familiar with is that you will be directly liable for the actions of your partners and employees. Some of the benefits of setting up a partnership include the ability to join resources and knowledge with someone else. For instance, you might know the best ways to run a trucking company, but your partner might know how 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 as an example, the business secured a loan in order to purchase a new rig and was unfit to meet the payments, your lender could not pursue you directly 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 standard corporation in terms of limited liability. However, for tax purposes, you are treated in the same way 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 several of the same features, as corporations they stand out. Like a corporation, they offer limited liability protection. On the other hand a limited liability company can include a single owner, where case they are taxed as if 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 easier to setup than corporations and have fewer regulatory criteria. 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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