Oregon Heavy Highway Use Tax 2290

Among the first arrangements you have to make as a new company is figuring out what kind of business structure you will file as. Because you will likely be operating under the same structure for the rest of the existence of the business, knowing which type to file could be a tough decision. There are a wide range of different state filings available for businesses nowadays. Be sure 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 mark your business with any other form of structure then it will be considered a sole proprietorship by the state. The main advantages of sole proprietorships are they are convenient 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, so you will be personally liable for any debts your business acquires.

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A partnership is where you and at least one other individual are joint owners in the business. Among the most essential 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 join resources and knowledge with another. As an example, you might know the way to run a trucking company, but your partner might know how to access capital.

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Corporations have a lot of notable 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 for example, the business obtained a loan in order to buy a new rig and was not capable to meet the payments, your lender could not pursue you directly for the payment owed. Sub chapter S corporations are a relatively 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 standard corporation in regards to limited liability. However, for tax purposes, you are treated in the same way as a partnership. This helps to avoid 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 couple of the same features, as corporations they are distinct. Like a corporation, they offer limited liability protection. On the other hand a limited liability company can incorporate a single owner, where case they are taxed as though they were a sole proprietorship. You can also 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 prerequisites. In a limited liability partnership you are protected from the actions of these other parties. Simultaneously 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 administering is very small and has no debt.

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