IRS Form 2290 Services

Among the first decisions you should make as a new business owner is determining what type 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, knowing which type to file may be a difficult decision. There are a wide range of different state filings available for businesses these days. 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 less troublesome, 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 advantages 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 framework is not a separate legal entity from you as an individual, therefore you will be personally liable for any debts your business acquires.

[Minor] – [Major] On The Go Transportation

A partnership is where you and a minimum of another individual are joint owners in the establishment. 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 establishing a partnership include the ability to enlist 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.

Call On The Go for [Major] – [Minor]

Corporations have a lot 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 instance, the business applied for a loan in order to buy 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 pretty 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 regards to limited liability. However, for tax purposes, you are treated in the same way as a partnership. This helps to avoid the problem of double taxation which occurs with standard corporations.

On The Go Transportation – [Major]

Call (800) 845-1190 for [Minor] – [Major]

Limited liability companies are the most 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. That being said a limited liability company can contain 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. Just one of the other benefits is that they are generally easier to setup than corporations and have fewer regulatory prerequisites. In a limited liability partnership you are sheltered 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 managing is very small and has no debt.

We Provide Company Filing Services to all Fifty States