Washington Heavy Highway Use Tax 2290

Among the first choices you need to make as a new entrepreneur is figuring out what form of business structure you will file as. Because you will possibly be operating under the same structure for the rest of the journey of the business, knowing which type to file might be a complicated decision. There are a wide range of assorted state filings available for businesses these days. Make 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 simpler, below you will find out the major benefits of each sort of state business filing.

If you do not mark your business with any other form 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 alongside your personal income. However, this construction 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 a minimum of another individual are joint owners in the enterprise. Among the most significant things to be aware of is that you will be specifically liable for the actions of your partners and employees. A few of the benefits of setting up a partnership include the ability to join resources and knowledge with another. As an example, you might know how to run a trucking company, but your partner might know the best way to access capital.

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Corporations have a number of substantial 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 unfit 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 standard corporation in regards to limited liability. However, for tax purposes, you are treated in the same way as a partnership. This helps to avoid the problem of double taxation which occurs with standard corporations.

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Limited liability companies are extremely 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. Nonetheless a limited liability company can include 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. Among 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 sheltered from the actions of these other parties. Simultaneously 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 administering is very small and has no debt.

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