Michigan Corporation Filings

Among the first selections you have to make as a new company is figuring out what type of business framework you will file as. Because you will most likely be operating under the same structure for the rest of the existence of the business, understanding which type to file could be a challenging decision. There are a wide range of different state filings available for businesses these days. See to it 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 much easier, below you will learn the major benefits of each form of state business filing.

If you do not appoint 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 convenient to setup, have few filing requirements, and your business income is taxed alongside your personal income. However, this structure is not a separate legal entity from you as an individual, and so you will be personally liable for any debts your business accumulates.

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A partnership is where you and at least one other individual are joint owners in the establishment. Among the most essential things to be familiar with is that you will be personally liable for the actions of your partners and employees. Several of the benefits of establishing a partnership include the ability to join resources and knowledge with someone else. 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 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 independent legal entity from you as an individual. If for instance, the business applied for a loan in order to buy a new rig and was not capable to meet the payments, your lender could not pursue you directly for the payment owed. Sub chapter S corporations are a reasonably 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 regards to 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 one of the most 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 contain a single owner, where case they are taxed as if they were a sole proprietorship. You can additionally 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 sheltered from the actions of these other parties. Additionally the business will be structured under the standards 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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