Business Formation & Management
Business Formation & Management
The Gilroy Law Firm is a Strategic Legal Advisor for businesses and for non-profit corporations. Highly accredited since 1994 and practicing in Washington State since 2014, the Firm guides its clients on the proper legal foundation for the client’s specific business. A good foundation keeps the business on solid ground. It is one of the keys to success!
The Gilroy Law Firm is a local firm that supports many area businesses. Firm President, Tracy Gilroy, cares about the success of local businesses. Tracy privately advises each business client on the applicable law and provides a customized legal strategy. Networking with experienced and industrious governmental and personal advisors, accountants, wealth managers and insurance brokers, The Gilroy Law Firm will be an additional asset for your business.
The Gilroy Law Firm accepts that “robot” challenge. We are happy to compare our services with those impersonal and templated mechanisms. The total costs of those type of services are similar if not a bit more expensive than our local services. The robot customer does not know who is advising and even the robot knows to disclaim its liability for steering the user wrong.
Important decisions are best made with your own personal lawyer. We understand the ease and the feeling of just getting it done. We can operate online too, if you prefer. If need be, we make house calls.
Online services are best used as research tools. So, consume them and learn. Once you are armed with online information, check your knowledge with your personal lawyer.
LEGAL FEES
The Gilroy Law Firm formulates, or reformulates, your business usually for a flat rate fee. Depending on your goals and desires for your business, basic Business Formation Packages range from $500-$1500.00. Clients are welcome to additional services, if recommended for Client’s benefit, e.g. registered agent services, annual filing services etc. All packages are discussed at the conclusion of the Working Meeting.
The Firm strives for economical fees. Locals helping locals is a good strategy to create success for us all.
“The Professional Legal Service Provider since 1994”
A Working Meeting is a private consultation meeting with The Gilroy Law Firm. Tracy Gilroy will personally meet with the client; review documents provided by the client and provide a Plan of Action to address the legal issues. In some cases, time permitting, a legal opinion is provided. Working Meetings are 1.5 hours and may, at the sole discretion of the Firm, last longer. The cost for the Working Meeting is $300.00.
“The Professional Legal Service Provider since 1994”
Business Formation is the laborious stage of running a business – lots of paperwork. Some people just skip it. They are too excited to start “doing business”. They want to share their product or service; they love their chosen name and logo; they’re ready with their business card. Paperwork is intimidating. Taxes seem a distant and confusing concern. Mistakenly, these folks do not worry about legal stuff.
“No worries” is not always a good thing. A little worry, before opening the business, could prevent many issues and provide the owner peace of mind.
With a proper legal foundation, business owners will not risk losing that cool name they chose and the logo they created. Prepared business owners protect their unique product and protect their company’s assets as well as their personal assets from business damages. A proper legal foundation keeps communication clear with patrons – and miscommunication is the one thing that drives most disputes and inspires bad reviews and, worse, lawsuits. Prepared business owners are most likely to succeed and keep that “Open” sign up for as long as they desire.
Skipping the laborious Business Formation Stage is a mistake that you will hopefully not make. You have worked hard to start your own business; use the resources here and elsewhere to just do it RIGHT! And, once you think you are ready to go, get a legal review of your work in a Working Meeting at The Gilroy Law Firm.
SCHEDULE A BUSINESS FORMATION MEETING
“The Professional Legal Service Provider since 1994”
Preventative legal advice not only saves time and money; it keeps the stress level manageable. Knowledge is power and provides a peace of mind in making decisions. Established businesses that want to stay successful and/or want to grow, must protect what is now owned and carefully, methodically grow and adapt to the changing world.
The Gilroy Law Firm provides periodic Business Review Meetings for established businesses. Like a house inspection or a business audit, it is best to know ahead of time what the problems are; then fix them before the disaster strikes. A faulty foundation can be fixed. The sooner we know it, the better.
When is a Business Review Meeting worthwhile?
Hiring an employee or an independent contractor;
Buying or leasing equipment;
Buying or selling or leasing real estate;
Creating innovative plans or products.
Legal advice on each of these matters will prevent headaches in the long run. Misunderstandings will be diminished and the business owner’s confidence, and most likely leverage for negotiations grows. Yes, legal strategizing costs…. and it saves! And, best, it provides you with the peace of mind that knowledge inspires.
SCHEDULE A BUSINESS STRATEGY MEETING
“The Professional Legal Service Provider since 1994”
The Gilroy Law Firm is an area leader and teacher about Business Formation in Washington. DIY-ers and clients alike attend these lectures then, smartly, seek legal advice to check and double-check their desired goals and chosen legal strategy. The Gilroy Law Firm understands Business Formation; it is the foundation for success.
You are welcome to research the process of Business Formation by using the links and resources below. You will then be armed with knowledge. You may also have lots of questions. The Gilroy Law Firm is here to augment your knowledge and answer your questions.
SCHEDULE A BUSINESS FORMATION MEETING
“The Professional Legal Service Provider since 1994”
Excellent basic resources for Business Formation are:
Washington Department of Revenue
Small Business Guidance:
Business Formation Statutes, see Revised Codes of Washington
A true DIY-er may want to read applicable statutes in the Revised Codes of Washington (RCW) for business formation details.
The Highlights of the applicable Statutes are:
Title 23 RCW; Chapter 23.95 “Uniform Business Organizations Code”
a/k/a “Harmonizing Business Entities Act or HUB”
Here you’ll learn: Procedures for: Filing, Entity Names, Registered Agents, Foreign Entities, & Dissolution.
The Good News is:
HUB allows for electronic transmissions, See RCW 23.95.110.
HUB allows for “corrections” RCW 23.95.220
SOS sends out reminders to file the Annual Reports.
RCW 23.95.260(2)(e) says NO filing fee for Annual Report IF filed with Annual License Fee pursuant to RCW 23B.01.520 or 540.
SOS has discretion to “waive penalties”, i.e. there’s a “grace period” RCW 23.95.265.
Entity Names have protections, and a reservation system see RCW 23.95, Article 3.
Registered Agents have Important Rules to follow. Select responsibly. RCW 23.94.455
New Service of Process: if all else fails, the SOS will accept service!
Entities formed in other states (“foreign”) may “convert” to a domestic entity RCW 23.94.535
Entities may “reinstate” after an administrative dissolution within 5 years after dissolution.
Title 23B RCW: “Washington Business Corporation Act”
Here you’ll learn: Incorporation Processes
The Good News is:
Articles of Incorporation are outlined in content. See RCW 23B.02.020 and RCW 23B.10
Organizational Requirements are outlined in RCW 23B.02.050, including the Initial and Annual Report required under RCW 23.95.255
Bylaws are required, and if not eliminated in the Bylaws, RCW 23B.02.060 outlines who does what and how.
Conversions of Foreign Entities to Domestic Entities can happen. RCW 23B.09
Title 24 RCW: “Corporations and Associations (non-profit)”
Title 25 RCW: “Partnerships” with Chapters on:
Uniform Partnership Act (Chapter 25.05);
the Uniform Limited Partnership Act (Chapter 25.10) and
RCW Chapter 25.15 on Limited Liability Companies
Here you’ll learn:
the Administrative Processes of an LLC,
the Formations of an LLC, and
Member Rights
Member Liabilities;
Be Sure to Check out: Lists of Professions in RCW Title 18 and the Misc. Regs in RCW Title 19.
After you spend as much time as you desire learning all there is to know about businesses, check your strategy with THE GILROY LAW FIRM and, possibly, an accountant. Gathering your team of experts that you may need at some point in the future will also help bring you comfort at that time. You will already be a step ahead.
SCHEDULE A BUSINESS FORMATION MEETING
“The Professional Legal Service Provider since 1994”
IF you STILL want to DIY, follow these STEPS to formulate a Business in Washington.
RESEARCH: Steps of Business Formation in Washington:
PRELIMINARY STEP: You have your product or service. Congratulations! NOW, do you have your Business Plan? If not, then go to Small Business Guidance – Washington https://www.business.wa.gov to get started on your Plan and Plan to Succeed!
Then, continue with the Steps to Business Formation in Washington. Caution: Patience is needed. Contact The Gilroy Law Firm to get advice along the way. Then, you will have done it RIGHT!
Read more about the steps to business formation.
SCHEDULE A BUSINESS FORMATION MEETING
“The Professional Legal Service Provider since 1994”
Well-studied Clients are appreciated and move through the legal services at The Gilroy Law Firm efficiently and with the confidence of better understanding of the matter.
Formulating a business after receiving legal and tax advice is as important as ensuring that you have developed the right product or service. Successful business owners have excellent products, services and the proper legal formation to ensure monetary success, tax avoidance and asset protection. A wise decision-maker first obtains professional legal and accounting advice, then opens for business. It could be the difference between the signs “Open” and “Closed”.
With a Consultation Meeting (“Working Meeting”) at The Gilroy Law Firm, business owners receive the necessary direction and guidance on legal and basic tax issues. If need be, a CPA joins in on the meeting. The legal and tax advice presents the business in the best light as well as protects your assets, both business and personal, from risks created by the business.
A Few Pointers to Get Us Going:
Taxes for Corporations must be filed Yearly. Corporations are permitted to accumulate some monies, i.e. not distribute all of its profit to shareholders; otherwise, the Corporations are taxed at another 20% on accumulated earnings over $250,000.00 or $150,000.00 for professional service corporations.
Taxes for Corporations, with Subchapter S Elections, must also be filed Yearly by March 15. (This filing, however, is for Informational Purposes Only as the Income of the S-Corp Corporation will be claimed in owners/shareholders’ personal tax returns – Schedule K-1.)
Taxes for LLCs are not required, unless the S-Corp Election is made. Then, see above.
“The Professional Legal Service Provider since 1994”
Articles of Interest
More information coming soon!