Maine Limited Liability Partnership

One of the first choices you must make as a new entrepreneur is deciding what kind of business structure you will file as. Because you will probably be operating under the same structure for the rest of the existence of the business, recognizing which type to file may be a difficult decision. There are a wide range of assorted state filings available for businesses nowadays. See to it 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 define your business with any other form of structure then it will be considered a sole proprietorship by the state. The main conveniences of sole proprietorships are they are easy 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, therefore you will be personally liable for any debts your business incurs.

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A partnership is where you and at least another individual are joint owners in the enterprise. Among the most important 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 starting a partnership include the ability to enlist resources and knowledge with another person. For example, you might know the way 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 notable benefits over partnerships. One of 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 for instance, the business secured a loan in order to buy a new rig and was unfit to meet the payments, your lender could not pursue you directly for the payment owed. Sub chapter S corporations are a pretty 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 standard corporation in regards to limited liability. However, for tax purposes, you are treated similarly as a partnership. This helps to avoid the problem of double taxation which occurs with 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 few 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 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 prerequisites. In a limited liability partnership you are protected from the actions of these other parties. Simultaneously 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 running is very small and has no debt.

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