Starting a business in Washington can provide many benefits for new or existing business owners. The economic climate, expert workforce pool, and diverse community make for a great environment for your business to thrive in. Before you open a business in Washington State, there are a few things you need to know. Let’s take a look at 5 things to remember when starting a business in Washington.
Get Setup Correctly
One of the most important things you will need to remember when starting your Washington business is to make sure you get everything setup correctly. To ensure that you can open your business legally as quickly as possible, there will be some steps you need to follow. You can reference our 9 easy steps to start a business in Washington State article for a step by step guide. This will guide you in the right direct from start to finish on your business setup.
Get A Registered Agent
A registered agent is going to be like your liaison between your business and the government. You are legally required to have a registered agent for your business in Washington, and we here at Washing Business Registration would be happy to be your registered agent. A registered agent receives any important documents, lawsuits, and other legal documents sent by the government on your behalf. It is the registered agent’s job to ensure you receive these documents and completely understand your next steps regarding each document.
Pay Your Taxes
It doesn’t take starting a business to know how important it is to pay your taxes. As a business, paying your taxes should be one of your most important tasks. There are many things you could be taxed for as a business, so making sure you understand them should be one of your main priorities. Most businesses use an accountant for these types of things, however, as a new or small business, you may not be able to afford an accountant. Not paying your taxes can result in the closing of your business or even seizure of your business’ assets. Ask us for all the taxes you'll need to know about in Washington state.
Starting a business can open you and your business to all types of liabilities, depending on your specific industry. Opening up an LLC will ensure that you and your personal properties are protected in the event that your business is sued, but having the proper business insurances will protect your business. What you will want to do is find out what insurances you need for your specific industry by contacting an attorney or researching on your own. Consulting with an attorney will be your best bet.
Keep In Compliance
Last but not least, you will need to keep your business in compliance. This will require you to make a checklist of all of Washington’s business compliance requirements and ensure that your business follows them. You will also want to keep a clean paper trail and keep digital copies of any receipts, paper work, and contracts that are related to your business and employees.