Maryland Limited Partnership Agreement

One of the first decisions you have to make as a new entrepreneur is figuring out what type of business framework you will file as. Because you will likely be operating under the same structure for the rest of the life of the business, recognizing which type to file might be a tough decision. There are a wide range of assorted state filings available for businesses nowadays. 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 learn the major benefits of each type of state business filing.

If you do not define your business with any other kind of structure then it will be considered a sole proprietorship by the state. The main conveniences of sole proprietorships are they are simple to setup, have few filing requirements, and your business income is taxed along with your personal income. However, this framework is not a separate legal entity from you as an individual, so you will be personally liable for any debts your business incurs.

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A partnership is where you and at least one other individual are joint owners in the business. Among the most essential things to be familiar with is that you will be personally liable for the actions of your partners and employees. A few of the benefits of creating a partnership include the ability to enlist resources and knowledge with another. For example, you might know the best ways 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 substantial 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 applied for a loan in order to pay for a new rig and was not capable 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 terms of limited liability. However, for tax purposes, you are treated in the same way 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 few of the same features, as corporations they stand out. Like a corporation, they offer limited liability protection. However a limited liability company can incorporate a single owner, where case they are taxed as though they were a sole proprietorship. You can even 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 demands. In a limited liability partnership you are shielded 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 managing is very small and has no debt.

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