Mississippi Limited Liability Partnership

Among the first arrangements you have to make as a new business owner is deciding what form of business system you will file as. Because you will probably be operating under the same structure for the rest of the life of the business, determining which type to file might be a complicated decision. There are a wide range of assorted state filings available for businesses these days. Be sure 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 easier, below you will find out the major benefits of each variety of state business filing.

If you do not mark your business with any other kind of structure then it will be considered a sole proprietorship by the state. The main advantages of sole proprietorships are they are straightforward to setup, have few filing requirements, and your business income is taxed in addition to your personal income. However, this system is not a separate legal entity from you as an individual, consequently 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 enterprise. One of the most essential things to be familiar with is that you will be directly 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 another. As an example, you might know tips on how to run a trucking company, but your partner might know the way to access capital.

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Corporations have a number of important benefits over partnerships. One of 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 applied for a loan in order to buy a new rig and was unfit to meet the payments, your lender could not pursue you personally for the payment owed. Sub chapter S corporations are a relatively 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 standard 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 extremely flexible form of business structures available. While limited liability companies do share several of the same features, as corporations they are distinct. Like a corporation, they offer limited liability protection. However a limited liability company can consist of a single owner, whereby case they are taxed as though 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 safeguarded 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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