Kentucky LLC Filing

Among the first selections you must make as a new company is figuring out what form of business framework you will file as. Because you will possibly be operating under the same structure for the rest of the existence of the business, understanding which type to file could be a complicated decision. There are a wide range of various state filings available for businesses these days. Ensure 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 complicated, below you will find out the major benefits of each type of state business filing.

If you do not mark 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 straightforward to setup, have few filing requirements, and your business income is taxed alongside your personal income. However, this framework is not a separate legal entity from you as an individual, and so you will be personally liable for any debts your business acquires.

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A partnership is where you and a minimum of one other individual are joint owners in the company. Among the most essential things to be familiar with is that you will be individually liable for the actions of your partners and employees. Several of the benefits of creating 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 substantial 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 as an example, the business took out a loan in order to buy a new rig and was not capable to meet the payments, your lender could not pursue you directly for the payment owed. Sub chapter S corporations are a reasonably 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 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 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 stand out. Like a corporation, they offer limited liability protection. Having said that a limited liability company can contain 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 easier to setup than corporations and have fewer regulatory criteria. In a limited liability partnership you are safeguarded from the actions of these other parties. Simultaneously 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 managing is very small and has no debt.

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