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Bankruptcy Attorney for Federal Way, Tacoma, Auburn, Kent, Seattle. Chapter 7 bankruptcy. Chapter 13 bankruptcy. Personal and Business Bankruptcy. Living Trusts, Car Accidents, Real Estate, Estate and Probate.

Other Areas of Practice

Corporate Formations

Christopher A. Benson, Esq. – Law Offices of Christopher A. Benson, PLLC 1814 South 324th Place, Suite B – Federal Way, WA 98003

(253) 815-6940     |     Map     |     Reviews

You can click this link and ask Chris a question

I can help you form the Business Entity of your choice!

There are 5 basic forms which you can use to conduct your business. Each different form has its pros and cons depending on the type of business needs you have. I have helped form many partnerships, corporations, and Limited Liability Companies. I have revised homer-owner associations bylaws and drafted corporate articles. I am experienced in establishing any type of business or simply providing a ‘check up’ to ensure that your business is up-to-date in all legal respects. I have included a quick overview of the essential elements of each business form or business entity you would commonly deal with:

Sole ProprietorshipPartnershipsLimited PartnershipsCorporations Limited Liability Companies (“LLC”)

Sole Proprietorship

Easy to form

No need for any paperwork

Taxed as regular income

Unlimited personal liability

Partnerships

Easy to form

One can also form limited liability partnerships (LLP)

Requires filing with the Secretary of State Limited Liability

No need for any paperwork

Modify partnership per written agreement

Pass-through entity Income tax liability based on partnership income

Tax apportioned among partners depending on partner’s share

Taxable income even if partner did not receive a disbursement from partnership

Partnership has to be dissolved when one partner dies or one partner wishes to leave

Unlimited personal liability of every partner

Liability for acts of other partners

Limited Partnerships

Requires filing with Secretary of State

One can also form Limited Liability Limited Partnerships (LLLP)

Requires filling with the Secretary of State Limited Liability

Modify partnership per written agreement

Pass-through Entity Income tax liability based on partnership income

Tax apportioned amount partners depending on partner’s share

Taxable income even if partner did not receive disbursement from partnership

Partnership has to be dissolved when one partner dies or one partner wishes to leave

Limited partners are only liable to the extent of their investment

Limited partners can become general partners if they actively participate in the business

Corporations

Subchapter C Corporations

Requires filing with the Secretary of State

Double taxation, gain is taxed at corporate and shareholder levels

Limited Liability

Easy to sell ownership because of stock certificates

Continuity beyond the death of shareholders and officers

Subchapter Requires filing with the Secretary of State

No more than 35 shareholders

Limited Liability

Only individuals, estates and certain types of trust can be shareholders

Non-resident aliens cannot be shareholders

Only one class of stock Corporations may not own 80% or more of the stock of another corporation

Gain is taxable at shareholder level

Limited Liability Companies

Easy to form Simple form and $175 filing fee

Requires only one person

Gain is taxable at member level as income tax

Can elect to be taxed as C Corporation

Very flexible entity

Limited Liability

Several tax advantages over other entities

Additional Resources:

Washington Secretary of State, Corporations Division: www.sos.wa.gov/corps/

Personal Injury

NO RECOVERY – NO FEE

Major Injury, Death Cases and Brain Injury. Injuries caused by Drunk Driving Accidents.

At our firm, you meet with me personally to evaluate the facts of your case. I am an experienced trial lawyer that you need to help you through this difficult time.

Give me a call for your free initial personal injury consultation.

Christopher A. Benson, Esq. – Law Offices of Christopher A. Benson, PLLC 1814 South 324th Place, Suite B – Federal Way, WA 98003

(253) 815-6940     |     Map     |     Reviews

Member of Washington State Head Injury Foundation

Washington State Trial Lawyer

Association American Trial Lawyer Association

Federal District Court

FREE CONSULTATION HOSPITAL VISITS BY APPOINTMENT

THE EXPERIENCED HELP YOU NEED

CALL NOW (253) 815-6940