You might be wondering how much it will cost to renew your Limited Liability Company (LLC) if you own a business in Washington State. Remember that Washington LLCs must renew their registration each year to avoid being dissolved by the State. There are a few variables that we’ll discuss below that can affect the renewal procedure and fees.
First off, it’s crucial to remember that business licenses in Washington State never expire, although LLCs do need to be renewed annually. As long as you keep conducting business within the State, your business license will remain in effect.
Each year, LLCs are required to submit the annual report to the Washington Secretary of State. It contains details on the registered agent, management, and members of the firm. The annual report filing fee is $60. No matter how big or how much money your LLC produces, this cost remains the same.
A registered agent, who is a person or business allowed to accept official legal and business documents on behalf of the LLC, is a requirement for LLCs in the state of Washington. You have the option of appointing a registered agent service, but you can also serve as your own registered agent. You must, however, have a physical address in Washington State where you can receive official documents and mail. You can cut costs on the yearly charge if you decide to serve as your own registered agent.
Finally, it’s critical to comprehend what an LLC is and how Washington State views them. An LLC is a type of business structure that combines partnership simplicity and tax advantages with the liability protection of a corporation. Since LLCs are regarded as pass-through businesses, the company’s profits and losses are distributed to the individual members and recorded on their individual tax returns.
In conclusion, the yearly report filing charge for renewing an LLC in Washington State is $60. You can serve as your own registered agent, but in order to receive legal documents, you need to have a physical address in the State. Washington State does not have an expiration date for business licenses, but LLCs must renew their registration each year to prevent being dissolved by the State. You may better plan and allocate funds for the yearly renewal of your LLC if you are aware of these requirements and costs.