Bountiful Law's attorneys are quite experienced in all aspects of business law for Lake Forest Park, King County and Washington organizations. Our services start with taking into account the many different kinds of organization including sole proprietorships, partnerships, LLCs, Corporations and some other much less prominent types.

We can provide all of the legal formation documents and in addition assist with business tax concerns.

 

Please contact our office for a free 30 minute initial business legal consultation with one of our attorneys. We love startups and small businesses.

Lake Forest Park Business Attorneys

Lake Forest Park Business Attorneys

Business Attorneys Near Lake Forest Park, Washington 98155

 

Formation, Filing and Start-up Legal Services For Lake Forest Park Businesses

Starting a business in Lake Forest Park, WA is an exciting time. You have a dream that developed into a plan. Currently it is time to put your plan into action by picking a business structure combined with an experienced attorney to produce a business entity. Selecting a structure has a lasting impact on service taxes, documents requirements, and also individual obligation.

Lake Forest Park Business Structures 

  • Limited Liability Company (LLC): An LLC is a popular choice among new Lake Forest Park business owners. It has fewer maintenance requirements than a corporation. It is also a separate legal entity from the owner, meaning you are not personally responsible for the conduct and debts of the company.

Additionally, for single-member - or one owner LLCs - the IRS does not require the business itself to pay taxes because they consider it a disregarded entity. However, if you are the sole owner of an LLC, you must report business profits or losses on your individual income tax return.

  • Lake Forest Park, WA Business Attorneys

    Lake Forest Park, WA Business Attorneys

    Corporations

Like an LLC, a company is an independent legal entity from the proprietor(s). You are not personally responsible for the obligations and also financial debts of the business. There are 2 sorts of companies: S-Corporations (S-Corp) and also C-Corporations (C-Corp). Both alternatives need formalities such as write-ups of unification, company laws, and also supervisor and also shareholder conferences.

The main differences between the two corporations are taxes and ownership. Note that your business will be taxed as C-Corp unless you elect to be taxed as an S-Corp.

  • C-Corp: 
  • Taxes: C-Corp profits are taxed twice, a tax principal known as ‘double taxation.’ Taxes are paid once by the business entity and once by the shareholders.

For example, if your Lake Forest Park organization makes $100,000, the business pays taxes on that particular revenue. The staying funds are distributed to you and also various other investors. You then pay individual government and/or state earnings tax on your dividend.

  • Ownership: C-Corps have no shareholder limit.
  • S-Corp: 
      • Taxes: S-Corps have pass-through taxation. Pass-through taxation means that the Edmonds' business entity does not pay corporate taxes. Instead, the owners pay taxes on the profits or losses of the company on their tax forms.
      • Ownership: S-Corps are limited to no more than 100 shareholders.

Business Structures Our Attorneys Advise Against For Lake Forest Park Companies

  • General Partnerships: General partnerships are not a good idea because you are personally liable for all business debt, whether incurred by you or your partner. Personal liability opens the floodgates for all sorts of issues that are avoidable with other business structures.

Get Started Today

Business frameworks influence your organization's taxes, upkeep requirements, and also individual obligation. The business attorneys at Bountiful Law near Lake Forest Park aid you choose one of the most advantageous structure for your long-lasting objectives. Call today to schedule a legal assessment at 425-775-9700.

On-Going Legal Services For Lake Forest Park Businesses

A Lake Forest Park business only starts with the formation. To keep an Lake Forest Park, WA business running, you must comply with Washington State (And/Or other states) maintenance laws. Businesses that do not stay up-to-date with required meetings and documents are vulnerable to tax liability and loss of limited liability.

Should your Lake Forest Park business lose its limited liability, those seeking legal action against it can pursue your personal assets. At Bountiful Law nearby Lake Forest Park, our business attorneys and lawyers provide the necessary maintenance services to keep your business compliant and property safe.

Business Maintenance Services For Edmonds

  • Registered Agent: As your registered agent, our lawyers accept documents on behalf of your business, including annual reports, service of process, and other notices.

 

  • Conducting Annual Meetings: Corporations must hold an annual shareholder meeting once a year where they address the following topics;
    • Election of directors when necessary
    • The status of the corporation
    • Upcoming plans or projects
    • The annual report
    • Voting on essential issues
  • Drafting Documents: Every Edmonds' business needs documents that address internal operations. Two primary documents are corporate bylaws for S-Corps and C-Corps, and operating agreements for LLCs.
Lake Forest Park, WA Business Attorneys

Lake Forest Park, WA Business Attorneys

All documents must be tailor-made to address the unique purposes and functions of your Lake Forest Park business. Therefore, "one size fits all" documents are not sufficient for continuity of practice and legal protection. Papers must be drafted with precision to ensure everyone - both inside and outside the company - understands the rules and expectations. Note the requirement differences between the two documents;

    • Corporate Bylaws
      • Information regarding;
        • Identity, including whether it is a private or public entity
        • Statement of Purpose
        • Members
        • Board of Directors
        • Shareholders’ Meeting
        • Committees
        • Stock
        • Officers
        • Indemnification
        • Conflict of Interest
        • The procedure for bylaw amendments
    • Operating Agreement
      • The percentage of member's ownership
      • Voting rights and responsibilities
      • Powers and duties of members and managers
      • Distribution of profits and losses
      • Convene meetings
      • Buyout or buy-sell guidelines which decide the protocol for if a member passes away, becomes disabled, or wants to transfer their interest
  • Filing Mandatory Documents with the Secretary of State: You must submit the correct documents with the Secretary of State to remain compliant with the law. Filing late may incur fees while failing to file can lead to the dissolution, or termination, of your business as a legal entity. Annual reports are one example of such documents.

Maintain Your Lake Forest Park Business From The Start With The Right Attorney

The business attorneys at Bountiful Law focus on the legal requirements of your business so you can focus on building your business. Call today to schedule a consultation nearby Lake Forest Park, WA at 425-775-9700.

Lake Forest Park, WA Business Attorney