Connecticut Limited Liability Partnership

One of the first selections you need to make as a new company is determining what type of business structure you will file as. Because you will possibly be operating under the same structure for the rest of the life of the business, knowing which type to file can be a difficult decision. There are a wide range of different state filings available for businesses nowadays. Be sure that you choose the file the best one as it can make a huge difference for the financial future of both you and your business. To make your task much easier, below you will learn the major benefits of each form of state business filing.

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

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A partnership is where you and at least one other individual are joint owners in the company. Among the most essential things to be aware of is that you will be personally liable for the actions of your partners and employees. A few of the benefits of creating a partnership include the ability to join resources and knowledge with someone else. For instance, you might know the best ways to run a trucking company, but your partner might know how to access capital.

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Corporations have a lot of substantial 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 secured a loan in order to buy a new rig and was unable 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 typical corporation in regards to 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 occurs with standard corporations.

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Limited liability companies are extremely 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. On the other hand a limited liability company can include a single owner, in which case they are taxed as if they were a sole proprietorship. You can also 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 sheltered 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 managing is very small and has no debt.

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