Kansas Limited Liability Partnership

One of the first decisions you will need to make as a new entrepreneur is deciding what kind of business system you will file as. Because you will likely be operating under the same structure for the rest of the journey of the business, recognizing which type to file might be a tough decision. There are a wide range of different state filings available for businesses these days. Make 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 much easier, below you will learn the major benefits of each form 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 perks of sole proprietorships are they are easy to setup, have few filing requirements, and your business income is taxed along with your personal income. However, this structure is not a separate legal entity from you as an individual, consequently 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 establishment. Among the most significant things to be aware of is that you will be individually liable for the actions of your partners and employees. Several of the benefits of arranging a partnership include the ability to enlist resources and knowledge with another person. For instance, you might know how to run a trucking company, but your partner might know how to access capital.

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Corporations have a lot 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 independent 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 not capable to meet the payments, your lender could not pursue you personally for the payment owed. Sub chapter S corporations are a relatively 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 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 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 some 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 include 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. Among the other benefits is that they are generally much easier to setup than corporations and have fewer regulatory requirements. In a limited liability partnership you are safeguarded from the actions of these other parties. Additionally 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 managing is very small and has no debt.

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