Maryland Corporation Filing

Among the first arrangements you must make as a new company is determining what kind of business framework you will file as. Because you will possibly be operating under the same structure for the rest of the journey of the business, understanding which type to file can be a difficult decision. There are a wide range of different state filings available for businesses these days. 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 mark your business with any other form of structure then it will be considered a sole proprietorship by the state. The main perks of sole proprietorships are they are convenient to setup, have few filing requirements, and your business income is taxed together with 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 a minimum of another individual are joint owners in the business. Among the most significant things to be aware of is that you will be individually liable for the actions of your partners and employees. Several of the benefits of setting up a partnership include the ability to join resources and knowledge with someone else. As an example, you might know the best ways to run a trucking company, but your partner might know how to access capital.

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Corporations have a number of important 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 for instance, the business applied for a loan in order to invest in a new rig and was unable to meet the payments, your lender could not pursue you in person for the payment owed. Sub chapter S corporations are a pretty 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 regular corporation in regards to limited liability. However, for tax purposes, you are treated equally as a partnership. This helps to prevent 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 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, where case they are taxed as though they were a sole proprietorship. You can additionally have multiple owners for your limited liability company. One of the other benefits is that they are generally much simpler to setup than corporations and have fewer regulatory prerequisites. 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 rules 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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