Missouri Limited Partnership

Among the first decisions you must make as a new business owner is deciding what kind of business structure you will file as. Because you will likely be operating under the same structure for the rest of the existence of the business, determining which type to file might be a challenging decision. There are a wide range of different state filings available for businesses these days. Ensure 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 simpler, below you will find out the major benefits of each sort 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 features of sole proprietorships are they are simple to setup, have few filing requirements, and your business income is taxed alongside your personal income. However, this system is not a separate legal entity from you as an individual, therefore you will be personally liable for any debts your business accumulates.

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A partnership is where you and a minimum of one other individual are joint owners in the business. One of the most vital things to be familiar with is that you will be specifically liable for the actions of your partners and employees. Several of the benefits of arranging a partnership include the ability to enlist resources and knowledge with another. As an example, you might know the way to run a trucking company, but your partner might know the way to access capital.

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Corporations have a number of notable 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 for instance, the business took out a loan in order to buy a new rig and was unfit to meet the payments, your lender could not pursue you directly for the payment owed. Sub chapter S corporations are a fairly 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 normal corporation in regards to limited liability. However, for tax purposes, you are treated in the same way as a partnership. This helps to prevent 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 are distinct. Like a corporation, they offer limited liability protection. On the other hand a limited liability company can incorporate a single owner, whereby case they are taxed as though they were a sole proprietorship. You can also have multiple owners for your limited liability company. Just one of the other benefits is that they are generally much simpler 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 standards of normal partnership. This is generally a better choice than a standard partnership unless the business you are administering is very small and has no debt.

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