Virginia 2290 Highway Use Tax

Among the first choices you will need to make as a new company is determining what variety of business structure you will file as. Because you will most likely be operating under the same structure for the rest of the life of the business, finding out which type to file can be a difficult decision. There are a wide range of various state filings available for businesses nowadays. See to it 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 less complicated, below you will find out the major benefits of each form of state business filing.

If you do not define your business with any other form 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 in addition to your personal income. However, this construction is not a separate legal entity from you as an individual, so you will be personally liable for any debts your business incurs.

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A partnership is where you and a minimum of another individual are joint owners in the enterprise. One of the most essential things to be aware of is that you will be individually liable for the actions of your partners and employees. Several of the benefits of starting a partnership include the ability to join resources and knowledge with someone else. For example, 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 separate legal entity from you as an individual. If for example, 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 directly 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 normal corporation in regards to 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 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 are distinct. Like a corporation, they offer limited liability protection. However a limited liability company can include a single owner, in which case they are taxed as though they were a sole proprietorship. You can even have multiple owners for your limited liability company. Just one of 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 shielded from the actions of these other parties. Additionally the business will be structured under the guidelines of normal partnership. This is generally a better choice than a standard partnership unless the business you are managing is very small and has no debt.

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