Texas Highway Use Tax

Among the first selections you need to make as a new company is deciding what form of business framework you will file as. Because you will most likely be operating under the same structure for the rest of the existence of the business, recognizing which type to file might be a tough decision. There are a wide range of assorted state filings available for businesses these days. Be sure that you choose the file the ideal one as it can make a huge difference for the financial future of both you and your business. To make your task simpler, below you will uncover the major benefits of each form of state business filing.

If you do not designate your business with any other form of structure then it will be considered a sole proprietorship by the state. The main perks of sole proprietorships are they are convenient to setup, have few filing requirements, and your business income is taxed alongside your personal income. However, this framework is not a separate legal entity from you as an individual, so you will be personally liable for any debts your business accumulates.

[Major] On The Go Transportation

A partnership is where you and at least another individual are joint owners in the enterprise. One of the most vital things to be aware of is that you will be personally liable for the actions of your partners and employees. Some of the benefits of establishing a partnership include the ability to enlist resources and knowledge with someone else. For instance, you might know tips on how to run a trucking company, but your partner might know the way to access capital.

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

 

Corporations have a lot of considerable benefits over partnerships. 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 instance, the business obtained a loan in order to pay for a new rig and was unfit to meet the payments, your lender could not pursue you individually for the payment owed. Sub chapter S corporations are a fairly 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 standard corporation in regards to limited liability. However, for tax purposes, you are treated equally as a partnership. This helps to prevent the problem of double taxation which accompanies standard corporations.

On The Go Transportation – [Major] [Minor]

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

Limited liability companies are the most flexible form of business structures available. While limited liability companies do share a few of the same features, as corporations they are distinct. Like a corporation, they offer limited liability protection. However a limited liability company can include a single owner, whereby case they are taxed as if 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 less complicated to setup than corporations and have fewer regulatory criteria. In a limited liability partnership you are sheltered from the actions of these other parties. Simultaneously the business will be structured under the standards 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