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Among the first arrangements you have to make as a new entrepreneur is deciding what sort of business system you will file as. Because you will possibly be operating under the same structure for the rest of the life of the business, understanding which type to file might be a challenging decision. There are a wide range of different state filings available for businesses nowadays. 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 less troublesome, below you will uncover the major benefits of each variety of state business filing.

If you do not assign your business with any other type of structure then it will be considered a sole proprietorship by the state. The main features of sole proprietorships are they are straightforward to setup, have few filing requirements, and your business income is taxed alongside your personal income. However, this framework is not a separate legal entity from you as an individual, 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 business. One of the most essential things to be familiar with is that you will be specifically liable for the actions of your partners and employees. A few of the benefits of setting up a partnership include the ability to enlist resources and knowledge with another person. As an example, you might know the way to run a trucking company, but your partner might know how to access capital.

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Corporations have a number of considerable 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 example, the business secured a loan in order to purchase 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 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 typical corporation in terms of limited liability. However, for tax purposes, you are treated in the same way 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 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 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 simpler to setup than corporations and have fewer regulatory prerequisites. In a limited liability partnership you are sheltered from the actions of these other parties. Simultaneously the business will be structured under the regulations 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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