New Mexico Mileage Reporting

One of the first arrangements you need to make as a new business owner is figuring out what kind of business structure you will file as. Because you will possibly be operating under the same structure for the rest of the existence of the business, determining which type to file might be a difficult decision. There are a wide range of different state filings available for businesses nowadays. Make 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 easier, below you will uncover the major benefits of each variety of state business filing.

If you do not define your business with any other form of structure then it will be considered a sole proprietorship by the state. The main benefits of sole proprietorships are they are simple to setup, have few filing requirements, and your business income is taxed in addition to 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 acquires.

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A partnership is where you and a minimum of another individual are joint owners in the enterprise. One of the most important things to be familiar with is that you will be individually liable for the actions of your partners and employees. Some of the benefits of creating a partnership include the ability to enlist resources and knowledge with another. For instance, you might know how to run a trucking company, but your partner might know the way to access capital.

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Corporations have a number 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 as an example, the business secured a loan in order to buy a new rig and was not capable to meet the payments, your lender could not pursue you in person 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 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 a number of the same features, as corporations they are distinct. Like a corporation, they offer limited liability protection. However a limited liability company can contain 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. One of the other benefits is that they are generally less complicated to setup than corporations and have fewer regulatory criteria. 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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