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One of the first selections you will need to make as a new company is figuring out what type of business system you will file as. Because you will possibly be operating under the same structure for the rest of the existence of the business, knowing which type to file may be a tough decision. There are a wide range of different state filings available for businesses these days. Ensure 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 easier, below you will uncover the major benefits of each variety of state business filing.

If you do not allocate your business with any other form of structure then it will be considered a sole proprietorship by the state. The main conveniences of sole proprietorships are they are easy to setup, have few filing requirements, and your business income is taxed alongside 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 accumulates.

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A partnership is where you and at least another individual are joint owners in the establishment. One of 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 setting up a partnership include the ability to join resources and knowledge with another. For example, you might know how to run a trucking company, but your partner might know how 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 separate legal entity from you as an individual. If for instance, the business secured a loan in order to buy 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 pretty 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 normal corporation in regards to limited liability. However, for tax purposes, you are treated similarly as a partnership. This helps to prevent 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 some 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, in which case they are taxed as though 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 criteria. In a limited liability partnership you are safeguarded 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 operating is very small and has no debt.

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