Virginia Heavy Highway Use Tax 2290

Among the first decisions you must make as a new entrepreneur is deciding what type of business system you will file as. Because you will possibly be operating under the same structure for the rest of the journey of the business, understanding which type to file can be a challenging decision. There are a wide range of assorted state filings available for businesses these days. Ensure that you choose the file the right 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 variety of state business filing.

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

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A partnership is where you and at least another individual are joint owners in the company. 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. Some of the benefits of starting a partnership include the ability to enlist resources and knowledge with another person. For example, you might know tips on how to run a trucking company, but your partner might know how to access capital.

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Corporations have a lot of considerable benefits over partnerships. One of the most important of these is limited liability. What limited liability means is that the corporation is a completely independent legal entity from you as an individual. If for instance, the business secured a loan in order to buy a new rig and was not capable to meet the payments, your lender could not pursue you directly for the payment owed. Sub chapter S corporations are a reasonably 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 terms of limited liability. However, for tax purposes, you are treated similarly as a partnership. This helps to avoid 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 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 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. Among the other benefits is that they are generally less complicated to setup than corporations and have fewer regulatory conditions. 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 rules of normal partnership. This is generally a better choice than a standard partnership unless the business you are running is very small and has no debt.

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