Illinois Limited Partnership Agreement

Among the first choices you should make as a new entrepreneur is deciding what sort of business structure you will file as. Because you will likely be operating under the same structure for the rest of the life of the business, understanding which type to file could be a difficult decision. There are a wide range of assorted state filings available for businesses nowadays. See to it that you choose the file the right 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 uncover the major benefits of each form of state business filing.

If you do not allocate your business with any other type of structure then it will be considered a sole proprietorship by the state. The main perks of sole proprietorships are they are simple to setup, have few filing requirements, and your business income is taxed in addition to your personal income. However, this construction is not a separate legal entity from you as an individual, so you will be personally liable for any debts your business acquires.

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A partnership is where you and at least another individual are joint owners in the company. One of the most important things to be familiar with is that you will be directly liable for the actions of your partners and employees. Some of the benefits of setting up a partnership include the ability to enlist resources and knowledge with another person. For example, you might know the way to run a trucking company, but your partner might know the best way to access capital.

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Corporations have a number of considerable benefits over partnerships. One of the most important of these is limited liability. What limited liability means is that the corporation is a completely distinct legal entity from you as an individual. If for example, the business took out a loan in order to purchase a new rig and was unfit to meet the payments, your lender could not pursue you individually 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 similarly as a partnership. This helps to stay clear of 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 some of the same features, as corporations they are distinct. Like a corporation, they offer limited liability protection. On the other hand a limited liability company can contain a single owner, whereby case they are taxed as though they were a sole proprietorship. You can even have multiple owners for your limited liability company. One of the other benefits is that they are generally less complicated to setup than corporations and have fewer regulatory demands. In a limited liability partnership you are sheltered from the actions of these other parties. Additionally the business will be structured under the regulations 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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