1. Obtain Tax Advice from your Tax Accountant/Advisor to confirm the choice of business entity (corporation, partnership, limited liability company, etc.);
2. Determine Corporate name and file a reservation of name with Washington State, if necessary;
3. Chose a Registered Agent;
4. Discuss, plan and work on other matters to get the corporation off the “ground”;
5. Determine budget & cash flow; and if needed; apply for a loan with Bank, Small Business Administration, etc.;
Preparation of Incorporation Documents:
6. Registration with Washington Secretary of State: Articles of Incorporation, Consent of Registered Agent, etc. and payment of incorporation fees;
7. Initial or Organizational Meeting (within 120 days of registration): prepare minutes or consent resolutions;
8. Prepare balance of Incorporation documents: Bylaws, Issuance of Shares, Shareholders Agreement, etc.;
9. Coordinate with your Tax Accountant/Advisor re valuation/capitalization of shares, etc.;
10. Prepare Corporate Notebook including Incorporation Documents
11. Plan for compliance in the future to maintain your corporate status: corporate formalities, annual requirements, etc.; Acting like a corporation is very important in order to avoid personal liability;
12. Obtain a U.S. Tax ID number (which will be necessary to open a bank account as well as for Washington State filings and licenses);
13. Submit a Washington State Master Business License Application after registration of the corporation (more or less one form for you to obtain other necessary approvals, etc).
14. Address liability protection, risk management, and/or purchase Insurance;
15. Prepare Bank Resolution(s) for Company Bank Account(s);
Further, other business entities should also be considered in making a choice of your business entity.
The above is not intended to be legal advice but is general information provided as a courtesy.
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