What is a Limited Liability Company?
A limited liability company is a specific type of business entity or structure. It’s often referred to as an “LLC.” The main benefits of the entity are that it provides business owners with liability protection, a flexible management structure, and certain tax advantages.
What are the Key Features of an LLC?
There are three important aspects to a limited liability company. The first is that it...
Sole Proprietorships – Advantages and Disadvantages
A sole proprietorship is a type of business structure where a person, referred to as a sole proprietor, is the sole owner of the business. While the sole proprietorship may have a business name, there is usually no legal distinction between the sole proprietor and his/her business. There are definitely several advantages associated with this type of business arrangement, but there are also...
Seattle’s New Independent Contractor Protection Ordinance
The Independent Contractor Protection Ordinance (ICPO) is a new Seattle ordinance that is set to go into effect on September 1, 2022. The new law is designed to protect independent contractors in terms of both payment and information surrounding their conditions of work. Since our firm has already screened several calls regarding the ICPO, we provide the following details.
Definition of...
What is a Partnership Agreement, and Do You Need One?
In short, a partnership agreement is a legal document that directs how a partnership will operate. The document helps ensure business success in that it allows you to run your business in the manner in which you want to. In its absence, your partnership’s operations could be governed by your state’s partnership laws. Please contact the McWilliams Law Group now and get the skilled business...
When Restructuring Your Business Makes Sense
“Restructuring” refers to when a company or business makes significant changes to its financial or operational structure. Many people assume that companies often restructure because of some misfortune (like bankruptcy) or a type of material disadvantage in the market. But the reality is that there are numerous reasons for making changes to a company’s structure, and restructuring might just be...
5 Common Business Structures Under Washington Law
Starting a new business in Washington, or re-structuring an existing one, is an exciting process. But choosing the right entity for your operations may seem a bit daunting. There are five common business entities in Washington. The “right” choice for you will depend on your particular interests and needs. Let’s take a quick look at the five.
1. Sole Proprietorships
These are businesses owned...