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Among the first selections you have to make as a new entrepreneur is deciding what type 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, understanding which type to file may be a complicated decision. There are a wide range of different state filings available for businesses these days. See to it 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 less complicated, below you will find out the major benefits of each form of state business filing.

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

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A partnership is where you and at least one other individual are joint owners in the business. One of the most essential things to be familiar with is that you will be directly liable for the actions of your partners and employees. Several of the benefits of creating a partnership include the ability to join resources and knowledge with another. As an example, you might know the way to run a trucking company, but your partner might know the way to access capital.

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Corporations have a number 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 as an example, the business took out a loan in order to purchase a new rig and was unable 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 typical corporation in regards to limited liability. However, for tax purposes, you are treated similarly as a partnership. This helps to prevent the problem of double taxation which accompanies standard corporations.

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Limited liability companies are one of the most flexible form of business structures available. While limited liability companies do share some of the same features, as corporations they are distinct. Like a corporation, they offer limited liability protection. However a limited liability company can incorporate 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. Just 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 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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