Florida Corporate Filing

One of the first choices you have to make as a new company is deciding what variety of business system you will file as. Because you will possibly be operating under the same structure for the rest of the existence of the business, finding out which type to file could be a difficult decision. There are a wide range of various state filings available for businesses these days. Ensure 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 easier, below you will find out the major benefits of each form of state business filing.

If you do not mark your business with any other kind of structure then it will be considered a sole proprietorship by the state. The main benefits of sole proprietorships are they are convenient to setup, have few filing requirements, and your business income is taxed along with 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 acquires.

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A partnership is where you and a minimum of one other individual are joint owners in the company. One of the most important things to be familiar with is that you will be directly 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 another. For instance, you might know the way 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. 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 example, the business applied for 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 fairly 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 regular corporation in regards to limited liability. However, for tax purposes, you are treated equally as a partnership. This helps to prevent the problem of double taxation which occurs with standard corporations.

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Limited liability companies are one of the most flexible form of business structures available. While limited liability companies do share some of the same features, as corporations they are distinct. Like a corporation, they offer limited liability protection. That being said a limited liability company can contain a single owner, whereby case they are taxed as though they were a sole proprietorship. You can also have multiple owners for your limited liability company. Among the other benefits is that they are generally easier to setup than corporations and have fewer regulatory demands. In a limited liability partnership you are protected 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 administering is very small and has no debt.

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