Massachusetts Corporation Filing

One of the first decisions you will need to make as a new company is determining what sort of business structure 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 different state filings available for businesses these days. Make sure that you choose the file the best 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 learn the major benefits of each sort of state business filing.

If you do not allocate your business with any other form of structure then it will be considered a sole proprietorship by the state. The main features 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 system is not a separate legal entity from you as an individual, and 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 another individual are joint owners in the enterprise. Among the most vital things to be familiar with is that you will be directly liable for the actions of your partners and employees. Some of the benefits of establishing a partnership include the ability to enlist resources and knowledge with another person. For instance, 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 significant 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 for instance, the business took out a loan in order to purchase a new rig and was unable to meet the payments, your lender could not pursue you individually for the payment owed. Sub chapter S corporations are a reasonably 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 typical corporation in terms of limited liability. However, for tax purposes, you are treated equally 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 extremely flexible form of business structures available. While limited liability companies do share some of the same features, as corporations they are distinct. Like a corporation, they offer limited liability protection. Nonetheless a limited liability company can incorporate a single owner, whereby case they are taxed as if 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 easier to setup than corporations and have fewer regulatory requirements. In a limited liability partnership you are sheltered from the actions of these other parties. Additionally 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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