Rhode Island 2290 Heavy Highway Use Tax

Among the first choices you will need to make as a new company is deciding what kind of business framework you will file as. Because you will possibly be operating under the same structure for the rest of the existence of the business, determining which type to file can be a challenging decision. There are a wide range of different state filings available for businesses nowadays. Be sure that you choose the file the correct 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 learn the major benefits of each type of state business filing.

If you do not define your business with any other type of structure then it will be considered a sole proprietorship by the state. The main benefits of sole proprietorships are they are simple 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, therefore you will be personally liable for any debts your business is subjected to.

[Major] On The Go Transportation

A partnership is where you and a minimum of another individual are joint owners in the establishment. One of the most essential things to be familiar with is that you will be personally liable for the actions of your partners and employees. Several of the benefits of arranging a partnership include the ability to enlist resources and knowledge with someone else. For example, you might know tips on how to run a trucking company, but your partner might know the best way to access capital.

Call On The Go for [Minor] in [Major]

 

Corporations have a number 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 distinct legal entity from you as an individual. If as an example, the business applied for a loan in order to invest in 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 relatively 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 terms of limited liability. However, for tax purposes, you are treated equally as a partnership. This helps to stay clear of the problem of double taxation which occurs with standard corporations.

On The Go Transportation – [Major] [Minor]

Call (800) 845-1190 for [Minor] in [Major]

Limited liability companies are one of the most flexible form of business structures available. While limited liability companies do share a number of the same features, as corporations they are distinct. Like a corporation, they offer limited liability protection. That being said a limited liability company can include a single owner, in which case they are taxed as if they were a sole proprietorship. You can also have multiple owners for your limited liability company. Just one of the other benefits is that they are generally much easier to setup than corporations and have fewer regulatory criteria. 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.

We Provide Company Filing Services to all Fifty States