What Is the Difference Between a Corporation and an S-Corporation?
Choosing the right business structure is a critical decision that can impact everything from taxation to management. Two popular options are the Corporation and the S-Corporation (or, “S-Corp”). While they share some similarities, they also have distinct differences that make them suitable for different types of businesses. Let’s explore these differences to help you make an informed decision...
Does a Washington LLC Have to File an Annual Report?
Running a Limited Liability Company (LLC) comes with numerous perks, such as flexibility in management and limited liability protection for its members. However, alongside these advantages, there are various legal obligations that LLC owners must fulfill to maintain compliance with state regulations. One such requirement pertains to the filing of annual reports. Let’s delve into this...
New Rule on Classifying Workers as Employees or Contractors
The U.S. Department of Labor recently announced a new rule to help employers decide on whether a worker is an employee or an independent contractor. The new rule took effect on March 11, 2024, and utilizes a six-factor test to make the employee/contractor determination. The rule will largely affect such industries as home health care, construction, trucking, and ride-share and delivery...
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...