Alaska Limited Partnership

Among the first selections you should make as a new company is deciding what sort of business structure you will file as. Because you will likely be operating under the same structure for the rest of the existence of the business, knowing which type to file may be a challenging decision. There are a wide range of varied state filings available for businesses these days. Be sure 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 troublesome, below you will learn the major benefits of each type of state business filing.

If you do not assign your business with any other kind of structure then it will be considered a sole proprietorship by the state. The main benefits of sole proprietorships are they are simple to setup, have few filing requirements, and your business income is taxed in addition to your personal income. However, this system 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. One of the most essential things to be aware of is that you will be specifically liable for the actions of your partners and employees. Some of the benefits of creating a partnership include the ability to join resources and knowledge with another person. For 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 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 distinct legal entity from you as an individual. If for example, 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 fairly 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 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. That being said 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. Just one of the other benefits is that they are generally easier to setup than corporations and have fewer regulatory demands. In a limited liability partnership you are sheltered from the actions of these other parties. At the same time the business will be structured under the guidelines 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.

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