Idaho Limited Partnership

One of the first decisions you should make as a new business owner is figuring out what variety of business framework you will file as. Because you will likely be operating under the same structure for the rest of the journey of the business, finding out which type to file could be a complicated decision. There are a wide range of different state filings available for businesses nowadays. See to it 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 less complicated, below you will find out the major benefits of each type of state business filing.

If you do not designate your business with any other form of structure then it will be considered a sole proprietorship by the state. The main features 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 system is not a separate legal entity from you as an individual, so you will be personally liable for any debts your business accumulates.

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A partnership is where you and at least one other individual are joint owners in the enterprise. Among the most significant things to be familiar with is that you will be personally 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. As an example, you might know how to run a trucking company, but your partner might know the way to access capital.

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Corporations have a lot of significant 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 took out a loan in order to purchase 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 regular corporation in regards to limited liability. However, for tax purposes, you are treated similarly 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 are distinct. Like a corporation, they offer limited liability protection. That being said a limited liability company can consist of a single owner, in which case they are taxed as though they were a sole proprietorship. You can additionally have multiple owners for your limited liability company. One of the other benefits is that they are generally much simpler to setup than corporations and have fewer regulatory requirements. In a limited liability partnership you are sheltered 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 running is very small and has no debt.

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