Utah 2290 Heavy Highway Use Tax

Among the first choices you must make as a new business owner is figuring out what form of business structure you will file as. Because you will 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 tough decision. There are a wide range of varied state filings available for businesses nowadays. 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 learn the major benefits of each type of state business filing.

If you do not mark your business with any other type of structure then it will be considered a sole proprietorship by the state. The main conveniences of sole proprietorships are they are straightforward to setup, have few filing requirements, and your business income is taxed alongside your personal income. However, this system 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 one other individual are joint owners in the establishment. One of the most essential 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 setting up a partnership include the ability to enlist resources and knowledge with another. For instance, you might know the way 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 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 as an example, the business took out a loan in order to purchase a new rig and was not capable to meet the payments, your lender could not pursue you personally 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 typical corporation in regards to limited liability. However, for tax purposes, you are treated in the same way as a partnership. This helps to prevent 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 extremely 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. That being said a limited liability company can contain 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. 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. At the same time 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 administering is very small and has no debt.

We Provide Company Filing Services to all Fifty States