Indiana Limited Liability Partnership

Among the first decisions you must make as a new company is determining what variety of business framework you will file as. Because you will most likely be operating under the same structure for the rest of the journey 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. Be sure that you choose the file the best 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 learn the major benefits of each variety of state business filing.

If you do not appoint your business with any other kind of structure then it will be considered a sole proprietorship by the state. The main benefits of sole proprietorships are they are straightforward to setup, have few filing requirements, and your business income is taxed along with your personal income. However, this construction is not a separate legal entity from you as an individual, consequently 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 business. Among the most essential things to be familiar with is that you will be personally 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 instance, 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 considerable 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 applied for a loan in order to invest in a new rig and was unfit 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 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 avoid 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 a number of the same features, as corporations they are distinct. Like a corporation, they offer limited liability protection. That being said 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. One of the other benefits is that they are generally easier to setup than corporations and have fewer regulatory requirements. In a limited liability partnership you are sheltered from the actions of these other parties. At the same time 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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