|Business LLC Registration
Do I need a WA Limited Liability Company (LLC)? |
When you start a Federal Way business
You need to choose the tax and legal structure of the business.
It can be a sole proprietor, a partnership or an LLC or Corporation.
The you need to obtain the permits and tax IDs for the state of
A WA is a corporate entity created by filing an LLC certificate
at the WA secretary of state office.
In addition to a LLC, you may need a
WA fictitious firm business name
registration because it is required if you use a name other
than the registered LLC name as a business trade name.
Thus, a trade fictitious business name
registration is required if trading with a name other than
the llc or corporation name.
WA LLC vs. "S" Corporation.
As with an "S" Corporation, a limited liability company is like another company or neighbor.
So for example if someone sues your neighbor and obtains a judgment against him,
they cannot seize your house to satisfy the judgment because it is a judgment vs your neighbor.
So an LLC is a shield against
creditors and lawsuits arising out of business transacions.
The llc will shield your personal assets such
as automobiles or homes. An LLC is more flexible but an "S" Corporation may help you save
on employment taxes if you are self employed so long as you pay yourself a reasonable salary and then
pay yourself dividents from the S corporation because dividents are not subject to employment taxes.
You can incorporate instead of setting up an LLC.
A corporation can be either "S" or "C" as a business corporation.
It is like a shield / veil against creditors
and lawsuits arising out of business transacions.
The corporation will shield your personal assets
such as your investments in a brokerage house and automobiles or homes.
Also, note that if you incorporate or set up an LLC,
you will not need to file for an assumed business trade name
if you meet the requirements mentioned above.loyment taxes to both the federal and the state government.
LLC, Corporation and or Licenses,
Tax ID Number & Permits|
what can i do with an llc?
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| As the majority of businesses, 99.9%, you will need an occupational business license even if you obtain a free LLC filing or you incorporate. In addition, you may need a federal tax ID number, and if you sell any merchandise, you will need a resale tax ID number. Also note that all LLCs need an occupational business license. Also, if the llc has more than one member, or you will file a tax return for the LLC as a corporation as opposed as a disregarded entity, you will need a federal tax ID number for the LLC.Starting a business fist step is to choose the tax legal structure. There are three major ones:1. Sole proprietor, 2. Partnership, and 3. Corporation or Limited Liability Company. All small, home or web based businesses as well as big businesses must choose and register as on of the above. In addition, businesses must obtain a business tax registration occupational license receipt. If selling any taxable items,a business must also get a reseller ID number to buy wholesale and sell retail. Finally, if a business is an employer, it needs to get a federal EIN and a State EIN.|
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Q:Will I be able to sell shares to the public with my LLC as C corporations do?
A: An LLC is probably the best entity for small business. When you become big and want to be a publicly traded company you can convert from LLC into a C corporation.
Q:Anyway, I don't think they will ever have a lawsuit against me for just operating a website.
A:You can be sued for copyright infringment, contractual obligation and or defamation from materials you publish on your website so that is how an LLC protects you from lawsuits vs. your personal assets.
Q:What is the difference between an LLC member and an LLC manager?
A:The difference is that a member is always an LLC owner. However, a manager can be a non owner of the LLC. Any member can be a manager but it could be a non member that can manage the LLC.
Q:I have an S corporation. Can I set up an LLC and use it as an asset of my S corporation?
A:A corporation or LLC an own any business including another corporation or another LLC or vice versa.
|what can i do with an llc|
Get your WA LLC, Seller's Resale ID, licenses and tax ids now online to start your own small new business!
How to start and what is needed to form a free LLC?
7/22/2014 1:55 PM
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Snohomish County |
Q: Can you give me an example of how series llcs work?
A:Here is how a series llc works. You file many LLCs and you become member for each LLC. If you buy different assets for each LLC, you limit the liability of that llc only for the assets it owns. If you had one llc with all assets in that llc, all assets would be subject to be lost for a lawsuit judgment for example.
Q: How do I avoid being personally liable for LLC contracts?
A:Enter LLC letterhead at top of the contract then sign with the LLC name and then below it write By John Doe LLC Manager.
Q:What is the advantage of LLC holding real estate?
A:Yes an LLC is not only a good idea but the only way to protect your different real estate holdings.
|How to start and what is needed to form a free LLC|
Are there any restrictions as to the name of the LLC?
The name of a limited liability company must contain "limited liability company" or "limited company" or the abbreviation "L.L.C." "LLC" "L.C." or "LC". "Limited" may be abbreviated as "Ltd." and "company" may be abbreviated as "Co.
What happens after I set up an LLC. Am I an incorporated person?
Actually when you set up an LLC you set up a new legal person that exists independent of you. It has a birth certificate that is called an LLC certificate of its birth that is the filing of the articles of organization and a social security number that is called an EIN for LLC and it is federally issued. Its home is a physical address that has a registered agent to receive mail and service of process. An LLC can sue others and be sued. You are just a member owner of the LLC but not the LLC. Finally when you set up an LLC you incorporate your business not yourself.
How do I fund my LLC?
You can fund the LLC either as a capital contribution or a loan. Simply register the asset under the LLC name or simply deposit the cash in the LLC bank account.
What other tax IDs and License permits do I need for my LLC?
After you get the LLC articles, the operating agreement and the EIN, then you need a business license for your LLC business. Also if you sell taxable items you will need a seller's license ID and if you will hire anyone, you will also need a state employer ID number to pay employment withholding taxes to the state.
Can I form an LLC pay myself as an employer and then put myself on unemployement benefits?
No you cannot do that because state statutes prohibit owners from firing themselves and collecting unemployment.