Yakima Limited Liability Company Lawyer
There are multiple options for creating a business entity in Washington, and Limited Liability Companies are popular for various reasons. The most common reason to start an LLC is for business reasons, but you might also benefit from incorporating an entity into your goals for estate planning and asset protection. The limited liability features make these companies very useful as a shield from claims. However, there are many additional advantages for your family and future.
Our team at Moulton Law Offices has extensive knowledge of the laws governing LLCs, so we can help you leverage this entity along with other objectives. An LLC is not suitable in all situations, but we will counsel you on how they work and what you can accomplish. Please contact our firm to set up a consultation with a Yakima LLC formation lawyer who will provide personalized advice. You can also read on to learn some background about LLCs.
Basics on Limited Liability Companies
An LLC is one of several different corporate and business entities you can create in Washington, many of which share the feature of limited liability. If the company is obligated on a debt, lawsuit, or other legal matter, property belonging to the individual members cannot be reached. Some additional features to note are:
- There is no limit on the number or type of members with an LLC, whereas other organizations impose restrictions.
- A limited liability company is easier to operate compared to a corporation, which requires an annual shareholder meeting and electing a board of directors. Though you will still need to file an annual report, other formalities are not applicable.
- An LLC is considered a pass-through entity for purposes of income taxes. Members pay their respective share on income earned by the company.
Formation and Ongoing Tasks with LLCs
Creating a limited liability company requires filling out forms and paying fees, but there is much more to know. Whether you are using an LLC for a going concern, estate planning, or asset protection, legal counsel is critical. Moulton Law Offices will advise you and explain all details, so you feel confident in meeting your goals.
You can also count on a Washington limited liability company lawyer to:
- Explain details about how these companies work;
- Prepare essential paperwork for formation and ongoing reporting;
- Create an operating agreement to reinforce the point of limited liability entity, as well as to establish the rights and duties of members;
- Advise you on modifications and amendments to reflect life changes; and,
- Coordinating the entry and exit of LLC members, either for cause or for succession planning.
Consult with a Yakima LLC Lawyer
An LLC is an effective way to protect assets, handle succession matters, and enhance your estate planning. However, it is a mistake to create one without understanding how it works with other components. To learn more about this type of business organization, please contact Moulton Law Offices. We are happy to schedule a consultation with a Washington LLC formation attorney who can explain details.