LTD Filings Services

Among the first selections you should make as a new company is determining 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, understanding which type to file can 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 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 uncover the major benefits of each form of state business filing.

If you do not designate your business with any other type of structure then it will be considered a sole proprietorship by the state. The main features of sole proprietorships are they are simple to setup, have few filing requirements, and your business income is taxed in addition to your personal income. However, this framework 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 a minimum of another individual are joint owners in the enterprise. One of 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 creating a partnership include the ability to join resources and knowledge with another. As an example, 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 notable 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 as an example, the business obtained a loan in order to pay for 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 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 stay clear of 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 a number 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, in which case they are taxed as if they were a sole proprietorship. You can also have multiple owners for your limited liability company. Among the other benefits is that they are generally less complicated to setup than corporations and have fewer regulatory demands. In a limited liability partnership you are safeguarded from the actions of these other parties. Simultaneously the business will be structured under the standards of normal partnership. This is generally a better choice than a standard partnership unless the business you are running is very small and has no debt.

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