Hawaii Limited Partnership Agreement

Among the first selections you should make as a new company is determining what form of business system you will file as. Because you will most likely be operating under the same structure for the rest of the journey of the business, determining which type to file may be a complicated decision. There are a wide range of different state filings available for businesses these days. Make 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 much easier, below you will uncover the major benefits of each sort of state business filing.

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

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A partnership is where you and a minimum of one other individual are joint owners in the establishment. 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 establishing a partnership include the ability to join resources and knowledge with someone else. As an example, you might know the best ways to run a trucking company, but your partner might know how to access capital.

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Corporations have a lot 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 independent legal entity from you as an individual. If as an example, the business secured a loan in order to invest in a new rig and was unable 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 to be popular with many small business owners. A sub chapter S corporation is treated the same as a standard corporation in regards to limited liability. However, for tax purposes, you are treated equally as a partnership. This helps to prevent 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 a couple of the same features, as corporations they are distinct. Like a corporation, they offer limited liability protection. However a limited liability company can consist of a single owner, where case they are taxed as if they were a sole proprietorship. You can even have multiple owners for your limited liability company. Just one of the other benefits is that they are generally easier to setup than corporations and have fewer regulatory conditions. In a limited liability partnership you are shielded from the actions of these other parties. Simultaneously 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 managing is very small and has no debt.

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