Nevada 2290 Highway Use Tax

One of the first decisions you should make as a new company is deciding what kind of business framework you will file as. Because you will probably be operating under the same structure for the rest of the existence of the business, determining which type to file may be a tough decision. There are a wide range of assorted 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 less complicated, below you will learn the major benefits of each type of state business filing.

If you do not define your business with any other kind of structure then it will be considered a sole proprietorship by the state. The main benefits of sole proprietorships are they are convenient to setup, have few filing requirements, and your business income is taxed along with your personal income. However, this structure is not a separate legal entity from you as an individual, consequently 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 enterprise. Among the most vital things to be familiar with is that you will be individually liable for the actions of your partners and employees. A few of the benefits of starting a partnership include the ability to enlist resources and knowledge with another person. For example, you might know how to run a trucking company, but your partner might know the best way to access capital.

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Corporations have a number of considerable benefits over partnerships. One of 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 as an example, the business obtained a loan in order to buy a new rig and was not capable 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 as being popular with many small business owners. A sub chapter S corporation is treated the same as a regular 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 extremely flexible form of business structures available. While limited liability companies do share a few of the same features, as corporations they stand out. Like a corporation, they offer limited liability protection. Having said that 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. Among the other benefits is that they are generally less complicated to setup than corporations and have fewer regulatory prerequisites. In a limited liability partnership you are safeguarded from the actions of these other parties. At the same time 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 running is very small and has no debt.

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