Montana Limited Partnership

One of the first arrangements you have to make as a new company is determining what sort of business structure you will file as. Because you will possibly be operating under the same structure for the rest of the existence of the business, understanding which type to file can be a difficult decision. There are a wide range of varied state filings available for businesses nowadays. Be sure 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 less complicated, below you will learn the major benefits of each form of state business filing.

If you do not appoint 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 simple to setup, have few filing requirements, and your business income is taxed in addition to 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 incurs.

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A partnership is where you and at least another individual are joint owners in the company. One of the most significant things to be familiar with is that you will be personally liable for the actions of your partners and employees. Several of the benefits of arranging a partnership include the ability to join resources and knowledge with another person. For example, you might know the way to run a trucking company, but your partner might know the best way to access capital.

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Corporations have a lot of substantial 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 as an example, the business obtained a loan in order to pay for a new rig and was unable 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 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 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 several of the same features, as corporations they are distinct. Like a corporation, they offer limited liability protection. That being said a limited liability company can consist of a single owner, whereby case they are taxed as though they were a sole proprietorship. You can even have multiple owners for your limited liability company. One of the other benefits is that they are generally much easier to setup than corporations and have fewer regulatory requirements. 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 operating is very small and has no debt.

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