Colorado Corporation Filing

Among the first arrangements you will need to make as a new business owner is figuring out what type of business system you will file as. Because you will probably be operating under the same structure for the rest of the life of the business, determining which type to file could be a challenging decision. There are a wide range of different state filings available for businesses nowadays. Be sure that you choose the file the appropriate 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 uncover the major benefits of each type of state business filing.

If you do not allocate your business with any other form of structure then it will be considered a sole proprietorship by the state. The main conveniences of sole proprietorships are they are easy 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, so you will be personally liable for any debts your business acquires.

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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 specifically liable for the actions of your partners and employees. Several of the benefits of starting a partnership include the ability to enlist resources and knowledge with another person. As an example, you might know tips on how to run a trucking company, but your partner might know the best way 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 independent legal entity from you as an individual. If for example, the business took out a loan in order to pay for a new rig and was unable to meet the payments, your lender could not pursue you in person for the payment owed. Sub chapter S corporations are a reasonably 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 regular 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 extremely flexible form of business structures available. While limited liability companies do share some 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, whereby case they are taxed as if they were a sole proprietorship. You can even have multiple owners for your limited liability company. Just one of the other benefits is that they are generally less complicated to setup than corporations and have fewer regulatory demands. In a limited liability partnership you are safeguarded from the actions of these other parties. At the same time 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 operating is very small and has no debt.

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