Florida Limited Liability Partnership

One of the first selections you must make as a new company is deciding what variety 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, understanding which type to file can be a tough decision. There are a wide range of assorted state filings available for businesses nowadays. Ensure 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 less troublesome, below you will learn the major benefits of each type of state business filing.

If you do not mark your business with any other form of structure then it will be considered a sole proprietorship by the state. The main advantages of sole proprietorships are they are easy to setup, have few filing requirements, and your business income is taxed alongside your personal income. However, this framework is not a separate legal entity from you as an individual, therefore you will be personally liable for any debts your business accumulates.

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A partnership is where you and at least one other individual are joint owners in the company. One of the most important things to be familiar with 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 another person. As an example, you might know the best ways to run a trucking company, but your partner might know the best way to access capital.

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Corporations have a lot of significant 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 buy a new rig and was unable to meet the payments, your lender could not pursue you individually for the payment owed. Sub chapter S corporations are a reasonably 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 regards to limited liability. However, for tax purposes, you are treated in the same way as a partnership. This helps to avoid the problem of double taxation which accompanies standard corporations.

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Limited liability companies are extremely 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. Having said that a limited liability company can include a single owner, where 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 shielded from the actions of these other parties. Simultaneously the business will be structured under the standards 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.

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