Pennsylvania Highway Use Tax

One of the first decisions you will need to make as a new business owner is figuring out what kind of business framework you will file as. Because you will most likely be operating under the same structure for the rest of the journey of the business, finding out which type to file may be a difficult decision. There are a wide range of assorted state filings available for businesses nowadays. 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 easier, below you will find out the major benefits of each form 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 features 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 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 at least one other individual are joint owners in the company. Among the most important things to be aware of is that you will be specifically liable for the actions of your partners and employees. Several of the benefits of starting a partnership include the ability to join resources and knowledge with another. As an example, you might know tips on how to run a trucking company, but your partner might know the best way to access capital.

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Corporations have a lot of significant 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 unable 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 regular corporation in regards to limited liability. However, for tax purposes, you are treated similarly 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 are distinct. Like a corporation, they offer limited liability protection. Having said that a limited liability company can contain a single owner, where case they are taxed as if they were a sole proprietorship. You can additionally have multiple owners for your limited liability company. Among the other benefits is that they are generally much simpler to setup than corporations and have fewer regulatory requirements. In a limited liability partnership you are protected from the actions of these other parties. Simultaneously 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 operating is very small and has no debt.

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