Montana Limited Liability Partnership

Among the first choices you must make as a new entrepreneur is figuring out what form of business framework you will file as. Because you will most likely be operating under the same structure for the rest of the journey of the business, understanding which type to file could be a tough decision. There are a wide range of varied state filings available for businesses nowadays. Ensure that you choose the file the appropriate 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 type of state business filing.

If you do not designate 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 easy to setup, have few filing requirements, and your business income is taxed along with your personal income. However, this construction is not a separate legal entity from you as an individual, and so 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 one other individual are joint owners in the business. One of the most vital things to be familiar with is that you will be individually liable for the actions of your partners and employees. Some of the benefits of starting a partnership include the ability to enlist resources and knowledge with someone else. For example, you might know how to run a trucking company, but your partner might know how to access capital.

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Corporations have a lot of considerable 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 applied for a loan in order to purchase a new rig and was unfit to meet the payments, your lender could not pursue you individually 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 equally as a partnership. This helps to stay clear of the problem of double taxation which accompanies 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 few of the same features, as corporations they are distinct. Like a corporation, they offer limited liability protection. Nonetheless a limited liability company can include a single owner, where 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 much simpler to setup than corporations and have fewer regulatory criteria. In a limited liability partnership you are safeguarded from the actions of these other parties. Simultaneously 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 administering is very small and has no debt.

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