Connecticut Corporation Filings

Among the first decisions you have to make as a new entrepreneur is determining what form 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, knowing which type to file might be a complicated decision. There are a wide range of assorted state filings available for businesses these days. Make sure that you choose the file the ideal 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 find out the major benefits of each sort 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 perks of sole proprietorships are they are straightforward to setup, have few filing requirements, and your business income is taxed alongside your personal income. However, this structure is not a separate legal entity from you as an individual, consequently you will be personally liable for any debts your business incurs.

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A partnership is where you and a minimum of one other individual are joint owners in the enterprise. One of the most significant things to be familiar with is that you will be specifically liable for the actions of your partners and employees. A few of the benefits of establishing a partnership include the ability to join resources and knowledge with another person. For example, you might know the way to run a trucking company, but your partner might know the way to access capital.

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Corporations have a lot of substantial benefits over partnerships. One of 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 secured a loan in order to buy 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 relatively 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 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.

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Limited liability companies are the most flexible form of business structures available. While limited liability companies do share a number of the same features, as corporations they stand out. Like a corporation, they offer limited liability protection. That being said a limited liability company can consist of 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. Just 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. Additionally 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 administering is very small and has no debt.

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