Kansas Limited Partnership Agreement

One of the first arrangements you have to make as a new entrepreneur is figuring out what type of business structure 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 can be a tough 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 troublesome, below you will uncover the major benefits of each form of state business filing.

If you do not designate your business with any other kind of structure then it will be considered a sole proprietorship by the state. The main advantages of sole proprietorships are they are simple to setup, have few filing requirements, and your business income is taxed together 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 accumulates.

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A partnership is where you and a minimum of another individual are joint owners in the company. One of the most important things to be aware of is that you will be specifically liable for the actions of your partners and employees. A few of the benefits of starting a partnership include the ability to enlist resources and knowledge with another. As an example, you might know how to run a trucking company, but your partner might know the way to access capital.

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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 independent legal entity from you as an individual. If for example, the business took out 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 fairly 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 normal 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 extremely 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. Nonetheless a limited liability company can include a single owner, in which case they are taxed as though they were a sole proprietorship. You can also have multiple owners for your limited liability company. Just one of 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 protected from the actions of these other parties. Simultaneously 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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