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Among the first decisions you must make as a new entrepreneur is determining what kind of business framework you will file as. Because you will possibly be operating under the same structure for the rest of the life of the business, understanding which type to file may be a tough decision. There are a wide range of various state filings available for businesses nowadays. Make sure 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 less troublesome, below you will uncover the major benefits of each sort of state business filing.

If you do not appoint your business with any other kind 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, consequently you will be personally liable for any debts your business incurs.

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A partnership is where you and at least another individual are joint owners in the company. One of the most significant 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 establishing 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 how to access capital.

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Corporations have a lot of considerable benefits over partnerships. 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 secured a loan in order to buy a new rig and was unable to meet the payments, your lender could not pursue you individually for the payment owed. Sub chapter S corporations are a reasonably 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 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 accompanies 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 a few of the same features, as corporations they stand out. Like a corporation, they offer limited liability protection. Nonetheless a limited liability company can include a single owner, in which 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 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 guidelines 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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