You might think about setting up a S company (S corp) if you intend to launch a business in Washington state. Many of the advantages of a typical company are still available with a S corp, but pass-through taxes is an additional benefit. You must adhere to a few essential measures in order to establish a S corp in the state of Washington.
Select a Name for Your S Corp in Step 1 You must decide on a name for your S corporation before you can submit your paperwork to the state. Your business name must be original and not being used by another company in Washington state. Using the Washington Secretary of State’s Business Search tool, you may see if a name is accessible.
Articles of incorporation must be submitted to the Secretary of State in Step 2
. You must file Articles of Incorporation with the Washington Secretary of State once you have decided on a name for your S corporation. This document covers crucial details about your company, including your business name, registered agent, and the names and addresses of your executives and directors, as well as the legal registration of your company with the state.
Get an EIN from the IRS in step three. You must apply for and receive an Employer Identification Number (EIN) from the Internal Revenue Service (IRS) once your Articles of Incorporation have been submitted and authorized. Your EIN, which serves as a kind of tax identification number for your company, is necessary if you intend to hire staff members or submit federal tax returns.
Registration with the Washington Department of Revenue is step four. You will need to register with the Washington Department of Revenue and receive a business license because Washington State does have a corporate income tax. Depending on the nature of your firm, you might also need to apply for extra licenses or permits. Can I serve as my own registered agent in the state of Washington? In Washington state, you are permitted to act as your own registered agent. However, it’s crucial to keep in mind that a registered agent is tasked with receiving legal and tax paperwork on your company’s behalf, so it’s crucial to pick a person who is trustworthy and accessible during business hours.
Do Privately Held Businesses Need to Register with the SEC?
Contrary to popular belief, privately held businesses are not obliged to register with the SEC. They can nonetheless be governed by state securities laws. Does Every Public Company Need to File with the SEC? Yes, filing with the Securities and Exchange Commission is required of all publicly traded corporations. This covers businesses with more than 500 shareholders, public stock offerings, and $10 million in assets.
Finally, choosing a distinctive name, submitting Articles of Incorporation to the Secretary of State, requesting an EIN from the IRS, and registering with the Washington Department of Revenue are required to establish a S corp in the state of Washington. Even if you can serve as your own registered agent, it’s crucial to pick a person who is dependable and accessible during regular work hours. Additionally, public corporations must file with the SEC if they meet specific requirements but privately held businesses are not compelled to do so.
A corporation that has chosen to be taxed under Subchapter S of the Internal Revenue Code is known as a S Corporation (S Corp). As a result, S Corporations are required to submit Form 1120S along with their annual federal income tax filings. Depending on the state where they are registered to do business, they might also need to file state tax returns and other documents relevant to that state. S Corporations in Washington State must submit an annual report to the Secretary of State’s office. They are not required to submit SEC filings, though, as SEC filings are only necessary for companies that are publicly traded.