Illinois Limited Liability Limited Partnership

Among the first decisions you must make as a new business owner is deciding what variety of business system you will file as. Because you will probably be operating under the same structure for the rest of the life 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 correct one as it can make a huge difference for the financial future of both you and your business. To make your task easier, 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 conveniences of sole proprietorships are they are convenient to setup, have few filing requirements, and your business income is taxed alongside your personal income. However, this framework 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 a minimum of another individual are joint owners in the enterprise. One of the most essential 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 arranging a partnership include the ability to enlist resources and knowledge with someone else. As an example, you might know tips on how to run a trucking company, but your partner might know how to access capital.

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Corporations have a lot of important 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 applied for a loan in order to pay for 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 reasonably 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 standard corporation in terms of limited liability. However, for tax purposes, you are treated equally as a partnership. This helps to stay clear of the problem of double taxation which occurs with 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 are distinct. Like a corporation, they offer limited liability protection. Nonetheless a limited liability company can incorporate 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. Among 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 protected from the actions of these other parties. Additionally the business will be structured under the guidelines 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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