Illinois Limited Liability Partnership

One of the first arrangements you have to make as a new business owner is deciding what sort of business structure you will file as. Because you will possibly 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 different state filings available for businesses these days. Make sure that you choose the file the appropriate one as it can make a huge difference for the financial future of both you and your business. To make your task less troublesome, below you will learn the major benefits of each sort of state business filing.

If you do not assign your business with any other type 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 in addition to 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 is subjected to.

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A partnership is where you and at least one other individual are joint owners in the company. Among the most important things to be aware of is that you will be specifically liable for the actions of your partners and employees. Several of the benefits of arranging 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 number of notable benefits over partnerships. One of 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 as an example, the business obtained a loan in order to invest in a new rig and was not capable to meet the payments, your lender could not pursue you directly for the payment owed. Sub chapter S corporations are a fairly 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 terms of limited liability. However, for tax purposes, you are treated in the same way 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 stand out. Like a corporation, they offer limited liability protection. Nonetheless a limited liability company can incorporate a single owner, in which case they are taxed as though they were a sole proprietorship. You can also 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 demands. In a limited liability partnership you are shielded from the actions of these other parties. At the same time 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 running is very small and has no debt.

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