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Among the first choices you must make as a new business owner is determining what sort 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 different state filings available for businesses nowadays. Be sure that you choose the file the best 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 uncover the major benefits of each form of state business filing.

If you do not designate your business with any other form 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 in addition to 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 accumulates.

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A partnership is where you and at least another individual are joint owners in the business. One of the most important things to be aware of is that you will be individually liable for the actions of your partners and employees. A few of the benefits of starting a partnership include the ability to join resources and knowledge with someone else. As an example, you might know the best ways to run a trucking company, but your partner might know how to access capital.

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Corporations have a number of important benefits over partnerships. The most important of these is limited liability. What limited liability means is that the corporation is a completely distinct legal entity from you as an individual. If for example, the business secured a loan in order to buy a new rig and was unable to meet the payments, your lender could not pursue you personally 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 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 one of 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, whereby case they are taxed as though they were a sole proprietorship. You can additionally have multiple owners for your limited liability company. Just 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 standards of normal partnership. This is generally a better choice than a standard partnership unless the business you are operating is very small and has no debt.

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