Wyoming Heavy Highway Use Tax

Among the first choices you must make as a new business owner is determining what kind of business system you will file as. Because you will likely be operating under the same structure for the rest of the existence of the business, determining which type to file can be a tough decision. There are a wide range of various 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 less troublesome, below you will learn the major benefits of each form of state business filing.

If you do not appoint 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 straightforward 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, so you will be personally liable for any debts your business incurs.

[Major] On The Go Transportation

A partnership is where you and a minimum of another individual are joint owners in the business. Among the most vital things to be aware of is that you will be directly liable for the actions of your partners and employees. Several of the benefits of arranging a partnership include the ability to join resources and knowledge with someone else. For example, you might know the way to run a trucking company, but your partner might know the way to access capital.

Call On The Go for [Minor] in [Major]

 

Corporations have a lot of notable benefits over partnerships. 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 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 personally for the payment owed. Sub chapter S corporations are a fairly 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 typical corporation in regards to 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.

On The Go Transportation – [Major] [Minor]

Call (800) 845-1190 for [Minor] in [Major]

Limited liability companies are one of the most flexible form of business structures available. While limited liability companies do share a couple of the same features, as corporations they are distinct. Like a corporation, they offer limited liability protection. On the other hand a limited liability company can contain a single owner, whereby case they are taxed as if they were a sole proprietorship. You can even have multiple owners for your limited liability company. One of the other benefits is that they are generally easier to setup than corporations and have fewer regulatory requirements. In a limited liability partnership you are protected from the actions of these other parties. Simultaneously 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 running is very small and has no debt.

We Provide Company Filing Services to all Fifty States