Wisconsin Heavy Highway Use Tax

One of the first decisions you should make as a new entrepreneur is deciding what sort of business system you will file as. Because you will most likely be operating under the same structure for the rest of the existence of the business, recognizing which type to file may be a tough decision. There are a wide range of assorted state filings available for businesses nowadays. Make sure that you choose the file the appropriate one as it can make a huge difference for the financial future of both you and your business. To make your task easier, below you will find out the major benefits of each type of state business filing.

If you do not assign your business with any other form of structure then it will be considered a sole proprietorship by the state. The main features of sole proprietorships are they are simple to setup, have few filing requirements, and your business income is taxed together with your personal income. However, this framework is not a separate legal entity from you as an individual, therefore 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 essential things to be familiar with is that you will be directly 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 way 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 important 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 took out a loan in order to pay for a new rig and was not capable to meet the payments, your lender could not pursue you in person 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 standard corporation in terms of limited liability. However, for tax purposes, you are treated in the same way 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 number 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, where 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 much easier to setup than corporations and have fewer regulatory demands. In a limited liability partnership you are protected 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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