Hawaii Corp Filing

One of the first arrangements you will need to make as a new company is determining what kind of business structure you will file as. Because you will likely be operating under the same structure for the rest of the life of the business, understanding which type to file could be a difficult decision. There are a wide range of different state filings available for businesses these days. Be sure that you choose the file the right 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 assign your business with any other type of structure then it will be considered a sole proprietorship by the state. The main advantages of sole proprietorships are they are convenient to setup, have few filing requirements, and your business income is taxed in addition to your personal income. However, this structure is not a separate legal entity from you as an individual, so you will be personally liable for any debts your business incurs.

[Major] On The Go Transportation

A partnership is where you and a minimum of one other individual are joint owners in the business. Among the most important things to be aware of is that you will be individually liable for the actions of your partners and employees. Some of the benefits of creating a partnership include the ability to join resources and knowledge with another person. For example, you might know the best ways to run a trucking company, but your partner might know how to access capital.

Call On The Go for [Minor] in [Major]

Corporations have a number of important benefits over partnerships. One of 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 for example, the business took out a loan in order to buy 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 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 regards to limited liability. However, for tax purposes, you are treated similarly as a partnership. This helps to prevent the problem of double taxation which occurs with standard corporations.

On The Go Transportation – [Major] [Minor]

Call (800) 845-1190 for [Minor] in [Major]

Limited liability companies are the most flexible form of business structures available. While limited liability companies do share a couple of the same features, as corporations they stand out. Like a corporation, they offer limited liability protection. Nonetheless a limited liability company can consist of a single owner, whereby case they are taxed as if 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 much simpler to setup than corporations and have fewer regulatory conditions. In a limited liability partnership you are protected from the actions of these other parties. Additionally 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.

We Provide Company Filing Services to all Fifty States