Maine Corp Filing

One of the first selections you should make as a new entrepreneur is figuring out what form of business structure you will file as. Because you will likely be operating under the same structure for the rest of the journey of the business, understanding which type to file might be a tough decision. There are a wide range of different state filings available for businesses these days. Ensure 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 much easier, below you will uncover the major benefits of each type of state business filing.

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

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A partnership is where you and at least one other individual are joint owners in the company. Among the most vital things to be aware of is that you will be individually liable for the actions of your partners and employees. A few of the benefits of creating a partnership include the ability to join resources and knowledge with someone else. As an example, you might know tips on 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 significant 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 obtained a loan in order to invest in a new rig and was unfit to meet the payments, your lender could not pursue you individually for the payment owed. Sub chapter S corporations are a relatively 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 typical corporation in regards to 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 occurs with standard corporations.

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Limited liability companies are extremely 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. On the other hand a limited liability company can include 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. Just one of the other benefits is that they are generally easier to setup than corporations and have fewer regulatory conditions. 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 operating is very small and has no debt.

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