Hawaii Limited Liability Limited Partnership

One of the first choices you will need to make as a new entrepreneur is deciding what variety of business system you will file as. Because you will likely be operating under the same structure for the rest of the life of the business, determining which type to file may be a tough decision. There are a wide range of assorted state filings available for businesses nowadays. Make 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 much easier, below you will find out the major benefits of each variety 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 perks of sole proprietorships are they are easy to setup, have few filing requirements, and your business income is taxed along with your personal income. However, this construction is not a separate legal entity from you as an individual, therefore you will be personally liable for any debts your business acquires.

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A partnership is where you and at least another individual are joint owners in the business. One of the most important things to be aware of is that you will be specifically liable for the actions of your partners and employees. Some of the benefits of setting up a partnership include the ability to join resources and knowledge with another. For instance, you might know the best ways to run a trucking company, but your partner might know the way to access capital.

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Corporations have a lot of considerable 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 instance, the business obtained a loan in order to buy a new rig and was unfit to meet the payments, your lender could not pursue you directly for the payment owed. Sub chapter S corporations are a pretty 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 equally 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 couple 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 incorporate 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. Just one of the other benefits is that they are generally much easier to setup than corporations and have fewer regulatory prerequisites. In a limited liability partnership you are protected 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 operating is very small and has no debt.

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