Colorado Limited Liability Limited Partnership

Among the first decisions you should make as a new company is deciding what type of business system you will file as. Because you will probably be operating under the same structure for the rest of the journey of the business, finding out which type to file may be a tough decision. There are a wide range of different state filings available for businesses these days. Be sure 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 less complicated, below you will uncover the major benefits of each variety of state business filing.

If you do not designate 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 easy to setup, have few filing requirements, and your business income is taxed together 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 at least another individual are joint owners in the establishment. Among the most essential things to be familiar with is that you will be directly liable for the actions of your partners and employees. Some of the benefits of establishing a partnership include the ability to join resources and knowledge with another. For instance, you might know tips on how 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 lot of important benefits over partnerships. 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 as an example, the business obtained a loan in order to invest in a new rig and was unfit to meet the payments, your lender could not pursue you personally 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 standard corporation in regards to limited liability. However, for tax purposes, you are treated equally as a partnership. This helps to avoid the problem of double taxation which accompanies 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 number of the same features, as corporations they are distinct. Like a corporation, they offer limited liability protection. Nonetheless a limited liability company can include a single owner, whereby 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 less complicated to setup than corporations and have fewer regulatory demands. In a limited liability partnership you are shielded 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 running is very small and has no debt.

We Provide Company Filing Services to all Fifty States