Georgia Limited Liability Limited Partnership

Among the first arrangements you should make as a new business owner is determining what sort of business framework you will file as. Because you will probably be operating under the same structure for the rest of the life of the business, knowing which type to file can be a tough decision. There are a wide range of varied state filings available for businesses these days. See to it 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 much easier, below you will find out 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 perks of sole proprietorships are they are easy to setup, have few filing requirements, and your business income is taxed together with your personal income. However, this framework is not a separate legal entity from you as an individual, and so you will be personally liable for any debts your business is subjected to.

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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 aware of is that you will be individually liable for the actions of your partners and employees. A few of the benefits of starting a partnership include the ability to join resources and knowledge with someone else. For example, you might know how to run a trucking company, but your partner might know how to access capital.

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Corporations have a number of significant 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 obtained a loan in order to purchase a new rig and was not capable to meet the payments, your lender could not pursue you personally 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 terms of 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 one of the most flexible form of business structures available. While limited liability companies do share a number of the same features, as corporations they stand out. Like a corporation, they offer limited liability protection. Having said that a limited liability company can contain a single owner, where case they are taxed as if they were a sole proprietorship. You can additionally have multiple owners for your limited liability company. Among the other benefits is that they are generally much simpler to setup than corporations and have fewer regulatory conditions. In a limited liability partnership you are safeguarded from the actions of these other parties. At the same time the business will be structured under the rules 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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