New York 2290 Heavy Highway Use Tax

Among the first decisions you must make as a new business owner is figuring out what type 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, recognizing which type to file might be a challenging decision. There are a wide range of various 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 easier, below you will find out the major benefits of each type 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 easy to setup, have few filing requirements, and your business income is taxed in addition to your personal income. However, this system 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 another individual are joint owners in the business. Among the most vital things to be aware of is that you will be specifically liable for the actions of your partners and employees. Some of the benefits of arranging a partnership include the ability to enlist resources and knowledge with another person. For example, you might know tips on 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 substantial benefits over partnerships. 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 obtained a loan in order to pay for a new rig and was unfit 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 regular corporation in regards to limited liability. However, for tax purposes, you are treated equally as a partnership. This helps to avoid 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. Having said that a limited liability company can include a single owner, where case they are taxed as if they were a sole proprietorship. You can additionally have multiple owners for your limited liability company. 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 protected from the actions of these other parties. At the same time 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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