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Among the first arrangements you have to make as a new entrepreneur is deciding what type 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, determining which type to file could be a complicated decision. There are a wide range of varied 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 much easier, below you will find out 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 conveniences 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, consequently you will be personally liable for any debts your business acquires.

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A partnership is where you and a minimum of one other individual are joint owners in the establishment. Among the most vital things to be familiar with is that you will be directly liable for the actions of your partners and employees. A few of the benefits of establishing a partnership include the ability to join 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.

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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 separate legal entity from you as an individual. If for instance, the business applied for a loan in order to purchase a new rig and was not capable to meet the payments, your lender could not pursue you individually 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 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 accompanies standard corporations.

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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 stand out. Like a corporation, they offer limited liability protection. That being said a limited liability company can consist of a single owner, where 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 much easier to setup than corporations and have fewer regulatory demands. In a limited liability partnership you are sheltered from the actions of these other parties. At the same time 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 administering is very small and has no debt.

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