Georgia Corporation Filing

Among the first choices you need to make as a new company is deciding what type of business structure you will file as. Because you will likely be operating under the same structure for the rest of the journey of the business, understanding which type to file might be a complicated decision. There are a wide range of various state filings available for businesses these days. 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 easier, below you will learn the major benefits of each type 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 conveniences of sole proprietorships are they are simple 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, and so you will be personally liable for any debts your business accumulates.

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A partnership is where you and a minimum of another individual are joint owners in the company. Among the most vital 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 arranging a partnership include the ability to join resources and knowledge with another person. For example, you might know tips on how to run a trucking company, but your partner might know how to access capital.

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Corporations have a number of considerable 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 applied for a loan in order to purchase a new rig and was unfit to meet the payments, your lender could not pursue you in person for the payment owed. Sub chapter S corporations are a pretty 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 typical corporation in terms of 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 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 consist of 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 less complicated to setup than corporations and have fewer regulatory requirements. 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 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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