California Limited Liability Partnership

One of the first choices you will need to make as a new company is figuring out what form of business framework you will file as. Because you will most likely be operating under the same structure for the rest of the life of the business, understanding which type to file can be a difficult decision. There are a wide range of assorted state filings available for businesses nowadays. Make 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 easier, below you will learn the major benefits of each form of state business filing.

If you do not appoint 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 framework is not a separate legal entity from you as an individual, so you will be personally liable for any debts your business incurs.

[Major] On The Go Transportation

A partnership is where you and a minimum of one other individual are joint owners in the company. One of the most important things to be aware of is that you will be directly liable for the actions of your partners and employees. Several of the benefits of starting a partnership include the ability to join resources and knowledge with another. For example, you might know the best ways to run a trucking company, but your partner might know the best way to access capital.

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

Corporations have a lot of considerable 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 pay for 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 standard corporation in terms of limited liability. However, for tax purposes, you are treated equally as a partnership. This helps to avoid 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 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. Nonetheless a limited liability company can incorporate a single owner, in which 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 much easier to setup than corporations and have fewer regulatory requirements. In a limited liability partnership you are safeguarded from the actions of these other parties. Additionally the business will be structured under the regulations 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.

We Provide Company Filing Services to all Fifty States