One of the things you should think of when planning to establish a business in Washington is its legality. Legalizing your business will refrain you from unwanted circumstances that might cause a huge impact both in your business and personal life. Given that the Evergreen state ranked 2nd place among the 50 states according to CNBC Television’s 2018 ranking of America’s Top States for Business, you have the initial asset to grab for. Before anything else, make sure you can legalize your business in the state. To guide you, here are the easy steps for you to follow:
1. Select Your Business Entity
Having a business idea and a business plan always come along the way. Yet the challenging part for lots of entrepreneurs is choosing the best business entity for themselves. Handpicking the business entity is a crucial part as it will dictate how you would want your business to be managed, operated, and administered.
2. Register Your Business
Making your business registered will serve as the start of the legalization of your business. In doing this, you may choose from two options of methods: one is online through the right website of the state for the registration. This will take 10 business days before being finally processed. Another method is through mail by completing a Business License Application form along with the additional forms and payment.
3. Know Your Assigned Business Cost
Along with your business registration forms is its payment. The business registration cost varies on the type of business entity you will pick. The Washington state LLC cost and the corporation cost are both $180 if you will opt to send it by mail and $200 through online registration. For sole proprietorships, on the other hand, the registration costs $5 if you will get a Trade name and solely a state business license if you will choose your legal name as your business name as it is.
4. Complete the Federal, State, and Local Requirements
Legalizing your business requires three dimensions of the community structure: federal, state, and local. The first thing you should know is to check if there are further forms and essentials to fulfill in your city or town. After that, you need to complete all the requirements imposed by the Department of Licensing. Lastly is to ensure you applied for a Federal Employer Identification Number (EIN).
5. Get Registered with the Washington Department of Revenue
Finally, you are about to register your business in the Washington Department of Revenue. This will officially make your business legal as the department administers the taxpayer services, tax return processes, and enforcement. By doing this, you allow your business to be a legal entity in the state.
Establishing a business will always be a challenging process most especially, its legalities. As an entrepreneur, you are about to embrace your rights on handling a business, as well as your responsibilities as a citizen of the state. Legalize your business today in Washington by following this ultimate guide!