Arizona Corporate Filing

One of the first choices you must make as a new business owner is figuring out what sort 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, determining which type to file might be a difficult decision. There are a wide range of different state filings available for businesses these days. Ensure that you choose the file the right 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 kind of structure then it will be considered a sole proprietorship by the state. The main features of sole proprietorships are they are straightforward to setup, have few filing requirements, and your business income is taxed along with your personal income. However, this construction is not a separate legal entity from you as an individual, and so you will be personally liable for any debts your business incurs.

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A partnership is where you and at least one other individual are joint owners in the company. One of the most essential things to be aware of 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 join resources and knowledge with another. For example, 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 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 as an example, the business secured a loan in order to pay for 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 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 regards to limited liability. However, for tax purposes, you are treated in the same way as a partnership. This helps to prevent the problem of double taxation which accompanies standard corporations.

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Limited liability companies are extremely flexible form of business structures available. While limited liability companies do share several 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, whereby case they are taxed as if 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 simpler to setup than corporations and have fewer regulatory requirements. In a limited liability partnership you are safeguarded from the actions of these other parties. Simultaneously 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 running is very small and has no debt.

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