Illinois Corporation Filing

One of the first decisions you must make as a new entrepreneur is determining what form of business system you will file as. Because you will probably be operating under the same structure for the rest of the existence of the business, recognizing which type to file could be a complicated decision. There are a wide range of assorted state filings available for businesses nowadays. See to it that you choose the file the correct one as it can make a huge difference for the financial future of both you and your business. To make your task simpler, below you will find out the major benefits of each sort of state business filing.

If you do not designate your business with any other kind of structure then it will be considered a sole proprietorship by the state. The main advantages of sole proprietorships are they are straightforward to setup, have few filing requirements, and your business income is taxed together with your personal income. However, this structure 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 a minimum of one other individual are joint owners in the business. Among the most vital things to be familiar with is that you will be specifically liable for the actions of your partners and employees. Several of the benefits of starting 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 the way to access capital.

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Corporations have a number of substantial benefits over partnerships. 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 took out a loan in order to buy a new rig and was unfit to meet the payments, your lender could not pursue you in person for the payment owed. Sub chapter S corporations are a fairly 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 typical corporation in terms of 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.

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Limited liability companies are the most flexible form of business structures available. While limited liability companies do share several of the same features, as corporations they stand out. Like a corporation, they offer limited liability protection. Nonetheless a limited liability company can include a single owner, in which 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 easier to setup than corporations and have fewer regulatory prerequisites. In a limited liability partnership you are sheltered 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 administering is very small and has no debt.

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