Maine Corporation Filings

Among the first selections you have to make as a new company is determining what sort of business system you will file as. Because you will likely be operating under the same structure for the rest of the existence of the business, knowing which type to file might be a tough decision. There are a wide range of various 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 complicated, below you will find out the major benefits of each variety of state business filing.

If you do not assign your business with any other type of structure then it will be considered a sole proprietorship by the state. The main benefits 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, therefore 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 business. One of the most significant things to be familiar with is that you will be specifically liable for the actions of your partners and employees. Some of the benefits of creating a partnership include the ability to join resources and knowledge with someone else. For example, you might know tips on how to run a trucking company, but your partner might know the best way to access capital.

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Corporations have a number of considerable 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 as an example, the business obtained 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 as being popular with many small business owners. A sub chapter S corporation is treated the same as a regular corporation in regards to limited liability. However, for tax purposes, you are treated equally as a partnership. This helps to stay clear of 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 couple of the same features, as corporations they stand out. Like a corporation, they offer limited liability protection. However a limited liability company can consist of a single owner, whereby case they are taxed as if they were a sole proprietorship. You can also have multiple owners for your limited liability company. 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 shielded 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 operating is very small and has no debt.

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