We often hear business owners, especially small businesses, ask “what is an independent contractor?” This is an excellent question as it can have far-reaching tax implications. A wrong classification can lead to rather severe tax penalties. One thing to remember is that […]
Washington State offers different types of structures to consider when starting a business. The risk of not having a business structure in place can be devastating causing unnecessary hardship if the business takes a while to get on its feet. An LLC, or Limited Liability Corporation, is the best choice for some small businesses. This [...]
Have you gone into business for yourself only to find that some of the rules and regulations are less than straightforward? Here’s a list of seven common mistakes that we see business owners, new and seasoned, make on a regular basis... FAILING TO DO BUSINESS WITH A PROPERLY STRUCTURED LEGAL ENTITY. A sole proprietorship is [...]
A Limited Liability Company (also referred to as an LLC) is a business structure that has gained popularity because the owners are faced with very restricted or limited liability for debts and actions of the LLC. The LLC also acts more like a partnership, with pass-through taxation and management flexibility. LLC owners are called members. [...]
