California Limited Partnership

One of the first decisions you should make as a new company is deciding what type of business system you will file as. Because you will most likely be operating under the same structure for the rest of the existence of the business, determining which type to file may be a complicated decision. There are a wide range of assorted state filings available for businesses nowadays. 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 simpler, below you will find out the major benefits of each sort of state business filing.

If you do not assign your business with any other form of structure then it will be considered a sole proprietorship by the state. The main perks of sole proprietorships are they are easy to setup, have few filing requirements, and your business income is taxed together with your personal income. However, this construction is not a separate legal entity from you as an individual, therefore you will be personally liable for any debts your business accumulates.

[Major] On The Go Transportation

A partnership is where you and a minimum of another individual are joint owners in the enterprise. Among the most essential things to be familiar with is that you will be personally liable for the actions of your partners and employees. Several of the benefits of establishing a partnership include the ability to enlist resources and knowledge with someone else. For instance, you might know the way to run a trucking company, but your partner might know the way to access capital.

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

Corporations have a number 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 independent legal entity from you as an individual. If for instance, the business secured a loan in order to invest in a new rig and was not capable to meet the payments, your lender could not pursue you individually 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 typical corporation in regards to limited liability. However, for tax purposes, you are treated in the same way 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 one of the most flexible form of business structures available. While limited liability companies do share a few of the same features, as corporations they stand out. Like a corporation, they offer limited liability protection. Having said that a limited liability company can incorporate a single owner, in which case they are taxed as if they were a sole proprietorship. You can even have multiple owners for your limited liability company. One of the other benefits is that they are generally less complicated to setup than corporations and have fewer regulatory prerequisites. In a limited liability partnership you are shielded from the actions of these other parties. Simultaneously 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 managing is very small and has no debt.

We Provide Company Filing Services to all Fifty States