Starting A Business In Olympia Or Elsewhere In Washington
This is the first post in what will be a series on issues to consider when starting a business in Olympia or elsewhere in Washington. I am writing on this topic because, while starting a new enterprise is incredibly exciting, there are many thorny legal issues entrepreneurs face. A failure to foresee these, and that failure is easy to understand given the intricacies of business law, can lead to unexpected, or unexpectedly high, taxes, to personal liability, and even to the loss of the founder’s ability to run the company. My goal for these articles is to provide information to help people to better understand their options and plan their futures. It is also my goal to provide information to help people make an informed decision when they are hiring a lawyer. If you need assistance, then contact my office to speak with an attorney. I also service Tacoma, Southwest Washington, and other areas within our state.
I will be addressing several topics over my coming articles. Issues which I will analyze include:
- Choosing a structure for your new business
- Potential tax consequences which must be considered
- Future problems which may arise from choosing an incorrect business structure
- How counsel can assist you with ensuring that matters are handled properly
New business owners should consider these issues. You probably wouldn’t buy a car without doing some research and comparison shopping. You should do at least that much when starting a business.
How you structure your company will impact everything going forward, including the extent to which you face personal liability, your ability to raise capital, your tax liability, and your obligations to business partners or investors. Tax law treats each entity, such as sole proprietors, “pass through” entities, and corporations, differently, so your choice of business structure is extremely important. Retaining counsel can help you to avoid problems and to avoid wasting time researching issues, handling paperwork, and dealing with other aggravations. Having representation lets you to focus on your business.
One point I cannot stress enough is that it is important to get your new venture off “on the right foot.” Mishandling matters in the beginning can lead to serious problems later. Such problems may arise at a time when you are experiencing growth, or intensifying competition, and do not have time to be distracted. By ensuring that matters are handled right from the start you can eliminate future distractions for yourself, your partners, your employees, and your customers.
As an Olympia business law attorney, I help with the formation of new companies. Contact my office today to schedule an initial consultation. Our firm also serves the Thurston County cities of Lacey, Tumwater, and Yelm, the Pierce County cities of Tacoma, Puyallup, and Lakewood, the Lewis County cities of Centralia, Chehalis, the King County cites of Seattle, Auburn, Bellevue, Burien, and Federal Way, as well as other areas in Washington, including Grays Harbor, Mason, Cowlitz, and Pacific Counties.