South Dakota Highway Use Tax

One of the first choices you will need to make as a new company is determining what variety of business system you will file as. Because you will probably be operating under the same structure for the rest of the journey of the business, recognizing which type to file may be a tough decision. There are a wide range of assorted state filings available for businesses these days. See to it 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 kind of structure then it will be considered a sole proprietorship by the state. The main benefits of sole proprietorships are they are convenient to setup, have few filing requirements, and your business income is taxed along with your personal income. However, this system is not a separate legal entity from you as an individual, therefore 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 company. One of the most important things to be aware of is that you will be directly liable for the actions of your partners and employees. A few of the benefits of creating a partnership include the ability to enlist resources and knowledge with another person. For instance, you might know the best ways 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. The most important of these is limited liability. What limited liability means is that the corporation is a completely independent legal entity from you as an individual. If for instance, the business obtained a loan in order to pay for a new rig and was not capable to meet the payments, your lender could not pursue you in person 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 in the same way as a partnership. This helps to stay clear of the problem of double taxation which occurs with standard corporations.

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Limited liability companies are 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. Nonetheless a limited liability company can contain a single owner, in which case they are taxed as though they were a sole proprietorship. You can also have multiple owners for your limited liability company. One of the other benefits is that they are generally less complicated to setup than corporations and have fewer regulatory prerequisites. In a limited liability partnership you are safeguarded from the actions of these other parties. Additionally 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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