Kansas Limited Partnership

One of the first choices you will need to make as a new entrepreneur is figuring out what sort 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, knowing which type to file may be a tough decision. There are a wide range of assorted state filings available for businesses these days. Be sure that you choose the file the ideal 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 assign your business with any other kind of structure then it will be considered a sole proprietorship by the state. The main perks of sole proprietorships are they are convenient to setup, have few filing requirements, and your business income is taxed in addition to 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 incurs.

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

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Corporations have a number of notable 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 for instance, the business took out a loan in order to pay for a new rig and was unfit to meet the payments, your lender could not pursue you in person 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 typical corporation in terms of limited liability. However, for tax purposes, you are treated similarly as a partnership. This helps to prevent the problem of double taxation which occurs with standard corporations.

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Limited liability companies are one of 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 incorporate a single owner, where case they are taxed as though 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 much simpler to setup than corporations and have fewer regulatory requirements. In a limited liability partnership you are protected from the actions of these other parties. At the same time 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.

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