Nevada Heavy Highway Use Tax

Among the first arrangements you must make as a new business owner is figuring out what variety of business structure you will file as. Because you will most likely be operating under the same structure for the rest of the existence of the business, understanding which type to file might be a complicated decision. There are a wide range of varied state filings available for businesses nowadays. Ensure that you choose the file the correct 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 sort 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 conveniences of sole proprietorships are they are easy 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, consequently you will be personally liable for any debts your business acquires.

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A partnership is where you and at least one other individual are joint owners in the enterprise. Among the most important things to be familiar with is that you will be personally liable for the actions of your partners and employees. Some of the benefits of creating a partnership include the ability to join resources and knowledge with someone else. As an 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 lot 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 for example, the business applied for a loan in order to purchase a new rig and was not capable to meet the payments, your lender could not pursue you directly 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 regards to limited liability. However, for tax purposes, you are treated in the same way as a partnership. This helps to stay clear of the problem of double taxation which occurs with standard corporations.

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Limited liability companies are extremely flexible form of business structures available. While limited liability companies do share some 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, in which case they are taxed as if they were a sole proprietorship. You can additionally have multiple owners for your limited liability company. Just one of the other benefits is that they are generally much easier to setup than corporations and have fewer regulatory demands. 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 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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