Illinois LLC Filing

One of the first selections you will need to make as a new business owner is determining what form of business framework you will file as. Because you will probably be operating under the same structure for the rest of the existence of the business, knowing which type to file may be a difficult decision. There are a wide range of varied state filings available for businesses these days. Make sure 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 less complicated, below you will uncover the major benefits of each variety of state business filing.

If you do not mark 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 straightforward to setup, have few filing requirements, and your business income is taxed alongside your personal income. However, this structure is not a separate legal entity from you as an individual, and so you will be personally liable for any debts your business incurs.

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A partnership is where you and at least another individual are joint owners in the company. One of the most vital 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 arranging 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 how to access capital.

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Corporations have a number of important benefits over partnerships. 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 as an example, the business applied for a loan in order to pay for 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 reasonably 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 the most flexible form of business structures available. While limited liability companies do share a few of the same features, as corporations they are distinct. Like a corporation, they offer limited liability protection. Nonetheless a limited liability company can include a single owner, whereby case they are taxed as if they were a sole proprietorship. You can also have multiple owners for your limited liability company. Among the other benefits is that they are generally less complicated to setup than corporations and have fewer regulatory prerequisites. In a limited liability partnership you are shielded from the actions of these other parties. Simultaneously 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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