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Among the first choices you need to make as a new business owner is figuring out what type of business structure you will file as. Because you will likely be operating under the same structure for the rest of the journey of the business, finding out which type to file might be a complicated decision. There are a wide range of various state filings available for businesses these days. Make sure 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 uncover the major benefits of each type of state business filing.

If you do not mark your business with any other kind of structure then it will be considered a sole proprietorship by the state. The main advantages of sole proprietorships are they are simple to setup, have few filing requirements, and your business income is taxed along with your personal income. However, this system 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 enterprise. Among the most important 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 establishing a partnership include the ability to enlist resources and knowledge with someone else. For example, you might know the best ways to run a trucking company, but your partner might know the way to access capital.

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Corporations have a lot of notable benefits over partnerships. The most important of these is limited liability. What limited liability means is that the corporation is a completely separate legal entity from you as an individual. If for instance, the business applied for a loan in order to invest in a new rig and was not capable to meet the payments, your lender could not pursue you personally 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 terms of 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 one of the most flexible form of business structures available. While limited liability companies do share several of the same features, as corporations they stand out. Like a corporation, they offer limited liability protection. That being said a limited liability company can include 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. 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. Additionally the business will be structured under the rules of normal partnership. This is generally a better choice than a standard partnership unless the business you are managing is very small and has no debt.

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