By Washington law, a business that has incorporated is recognized thereafter as its own legal entity. This means that the business may buy or sell property, offer and accept contracts and exercise legal rights in its own name. The office of the Secretary of State is the agency that receives applications for incorporation in Washington, and they must be completed in conformity with particular guidelines.
Benefits of Incorporation in Washington
Certain benefits inure to a business in Washington that has incorporated over one that has not. First, a corporation's liabilities can never go beyond the amount invested in the business by the owners. Without incorporation, the personal property of business owners is at stake should the company become unable to satisfy its debts. Furthermore, a business that has not incorporated puts the unnecessary burden on creditors in the Kent area to evaluate the credit worthiness of individual owners rather than that of the business, making loans more cumbersome. Finally, the ownership of a corporation is divided into an abundance of equal portions or "shares" of stock. Without this mechanism, transferring ownership of a business would be impractical.
Costs of Incorporation
Incorporation can be costly. First, a modest filing fee may be charged in Washington for any business that wants to incorporate. Also, a corporation is taxed as its own entity. The individual incomes of the owners are still taxed also, and this can mean the same income is taxed twice, known as double taxation. With proper planning and assistance from a local Kent lawyer, you can avoid this disadvantage.
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An excellent Attorney with a keen legal mind. He is attentive, responsive and his fees very reasonable!
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Howard Bender has a wealth of knowledge with trademark contract negotiations. His expertise has helped us move our case forward productively.
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