Mississippi Corporation Filings

One of the first arrangements you should make as a new business owner is deciding what variety of business structure you will file as. Because you will possibly be operating under the same structure for the rest of the life 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. Ensure that you choose the file the right 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 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 framework is not a separate legal entity from you as an individual, and so you will be personally liable for any debts your business acquires.

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A partnership is where you and at least another individual are joint owners in the enterprise. Among the most essential 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 setting up a partnership include the ability to enlist resources and knowledge with another person. For 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 lot of important 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 as an example, the business obtained a loan in order to purchase 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 typical corporation in regards to limited liability. However, for tax purposes, you are treated similarly as a partnership. This helps to stay clear of 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 some of the same features, as corporations they are distinct. Like a corporation, they offer limited liability protection. Having said that a limited liability company can include a single owner, in which case they are taxed as if 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 less complicated to setup than corporations and have fewer regulatory requirements. In a limited liability partnership you are protected from the actions of these other parties. Additionally 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 running is very small and has no debt.

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