Montana Limited Liability Limited Partnership

Among the first arrangements you have to make as a new entrepreneur is deciding what kind of business system you will file as. Because you will likely be operating under the same structure for the rest of the life of the business, knowing which type to file might be a challenging decision. There are a wide range of different state filings available for businesses nowadays. 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 simpler, below you will uncover 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 conveniences of sole proprietorships are they are straightforward to setup, have few filing requirements, and your business income is taxed along with 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 is subjected to.

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A partnership is where you and at least another individual are joint owners in the business. One of the most essential things to be aware of is that you will be directly liable for the actions of your partners and employees. A few of the benefits of establishing a partnership include the ability to enlist resources and knowledge with another person. As an example, you might know tips on how to run a trucking company, but your partner might know how to access capital.

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Corporations have a lot of notable benefits over partnerships. The most important of these is limited liability. What limited liability means is that the corporation is a completely separate legal entity from you as an individual. If for example, the business applied for a loan in order to purchase 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 fairly 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 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 accompanies standard corporations.

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Limited liability companies are 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. On the other hand a limited liability company can include a single owner, in which case they are taxed as if they were a sole proprietorship. You can also have multiple owners for your limited liability company. 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 sheltered from the actions of these other parties. At the same time 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 operating is very small and has no debt.

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