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Among the first choices you have to make as a new entrepreneur is determining what variety of business structure you will file as. Because you will probably be operating under the same structure for the rest of the life of the business, understanding which type to file may be a challenging decision. There are a wide range of various state filings available for businesses nowadays. See to it that you choose the file the right 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 sort of state business filing.

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

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A partnership is where you and a minimum of one other individual are joint owners in the company. One of the most vital things to be familiar with is that you will be personally liable for the actions of your partners and employees. A few of the benefits of arranging 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 how to access capital.

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Corporations have a lot of important benefits over partnerships. One of 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 as an example, the business obtained a loan in order to purchase a new rig and was unable to meet the payments, your lender could not pursue you directly 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 equally as a partnership. This helps to avoid 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, where case they are taxed as though 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 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 operating is very small and has no debt.

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