New Mexico 2290 Highway Use Tax

One of the first decisions you must make as a new company is figuring out what variety of business structure you will file as. Because you will likely be operating under the same structure for the rest of the existence of the business, knowing which type to file may be a tough decision. There are a wide range of different 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 uncover the major benefits of each sort of state business filing.

If you do not designate 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 together with your personal income. However, this construction is not a separate legal entity from you as an individual, therefore 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 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. Some of the benefits of setting up a partnership include the ability to enlist resources and knowledge with someone else. 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 significant 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 for instance, the business obtained 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 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 the most flexible form of business structures available. While limited liability companies do share a couple of the same features, as corporations they stand out. Like a corporation, they offer limited liability protection. However 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 also have multiple owners for your limited liability company. Among the other benefits is that they are generally easier to setup than corporations and have fewer regulatory requirements. In a limited liability partnership you are protected 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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