North Carolina Heavy Highway Use Tax 2290

One of the first decisions you have to make as a new entrepreneur is figuring out what kind of business framework you will file as. Because you will possibly be operating under the same structure for the rest of the existence of the business, understanding which type to file can be a difficult decision. There are a wide range of various state filings available for businesses these days. 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 much easier, below you will learn the major benefits of each sort of state business filing.

If you do not assign your business with any other form of structure then it will be considered a sole proprietorship by the state. The main perks 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 construction is not a separate legal entity from you as an individual, so you will be personally liable for any debts your business acquires.

[Major] On The Go Transportation

A partnership is where you and at least another individual are joint owners in the enterprise. Among the most vital things to be aware of is that you will be individually liable for the actions of your partners and employees. A few of the benefits of creating a partnership include the ability to enlist 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.

Call On The Go for [Minor] in [Major]

 

Corporations have a number of considerable benefits over partnerships. 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 secured a loan in order to purchase 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 reasonably 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 prevent the problem of double taxation which occurs with standard corporations.

On The Go Transportation – [Major] [Minor]

Call (800) 845-1190 for [Minor] in [Major]

Limited liability companies are extremely flexible form of business structures available. While limited liability companies do share a few of the same features, as corporations they stand out. Like a corporation, they offer limited liability protection. However a limited liability company can contain a single owner, where case they are taxed as if they were a sole proprietorship. You can even have multiple owners for your limited liability company. Among the other benefits is that they are generally less complicated to setup than corporations and have fewer regulatory prerequisites. 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 administering is very small and has no debt.

We Provide Company Filing Services to all Fifty States