Connecticut Limited Partnership

Among the first decisions you must make as a new company is deciding what sort of business framework you will file as. Because you will probably be operating under the same structure for the rest of the existence of the business, determining which type to file may be a challenging decision. There are a wide range of different 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 uncover the major benefits of each variety of state business filing.

If you do not assign 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 convenient 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 acquires.

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A partnership is where you and a minimum of one other individual are joint owners in the enterprise. Among the most vital things to be familiar with 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 how to run a trucking company, but your partner might know the way to access capital.

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Corporations have a number of significant benefits over partnerships. The most important of these is limited liability. What limited liability means is that the corporation is a completely distinct legal entity from you as an individual. If for example, the business applied for a loan in order to invest in a new rig and was unfit to meet the payments, your lender could not pursue you individually 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 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 the most flexible form of business structures available. While limited liability companies do share several of the same features, as corporations they are distinct. Like a corporation, they offer limited liability protection. However a limited liability company can incorporate 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. One of the other benefits is that they are generally much simpler to setup than corporations and have fewer regulatory criteria. 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 managing is very small and has no debt.

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