One of the initial actions you must do if you wish to establish a business in Washington State is to submit a Certificate of Formation to the Washington Secretary of State. This document establishes the legal existence of your company in the state and formally creates it. What you should know about getting a Certificate of Formation in Washington is as follows:
1. Determine the type of business entity: You must make a decision regarding the sort of business entity you wish to incorporate before submitting your Certificate of Formation. Limited Liability Companies (LLCs), Corporations, and Nonprofit Corporations are the most popular options in Washington. It’s crucial to conduct thorough study on each business type and speak with an attorney or accountant if you have any questions because each one has various requirements and advantages. Prepare your Certificate of Formation: After deciding on the sort of business company, you can start putting your Certificate of Formation together. This document contains details about your company, including its name, registered agent, members or shareholders, and its goals. You can submit your Certificate of Formation by mail or online through the website of the Washington Secretary of State.
3. Pay the filing fee: Washington State charges a cost to file your Certificate of Formation. Currently, LLCs must pay a cost of $180, while corporations and nonprofit corporations must pay a fee of $200. This cost can be paid online with a credit card, by mail with a cheque or money order, or both.
4. Await approval: After submitting your Certificate of Formation and paying the filing fee, you must wait for the Washington Secretary of State to grant your application. Depending on the Secretary of State’s office’s workload, this process could take a few days to a few weeks. You’ll get a stamped copy of your Certificate of Formation in the mail after it has been authorized.
If you intend to conduct business outside of Washington or apply for specific licenses or permissions, you might also need to get a Washington Certificate of Status (sometimes called a Certificate of Good Standing) in addition to the Certificate of Formation. This certificate attests that your company is up to date on all required filings and taxes and is in good standing with the state. For a price of $20, you can order a Washington Certificate of Status online from the Secretary of State’s website.
The filing charge, annual report fees, and any additional expenses for professional services like legal or accounting assistance are just a few of the variables that affect the price of forming an LLC in Washington State. In Washington, forming an LLC typically costs between $500 and $800. However, this may change based on the demands and conditions unique to your company.
Finally, the time it takes to approve an LLC in Washington State can differ. Generally speaking, if you submit your Certificate of Formation online and pay the accelerated processing cost, the procedure takes 7 to 10 working days. Depending on the busyness of the Secretary of State’s office, the process could take up to 4-6 weeks or longer if you decide to submit by mail or do not pay the expedited processing fee.
In general, acquiring a Certificate of Formation in Washington State is a simple procedure as long as you are aware of the prerequisites and costs. It’s always a good idea to talk to an attorney or accountant who can offer advice and support if you have any questions or concerns about starting a business in Washington.