This By-Laws document contains the following information: the name and location of the corporation, the shareholders, and the duties of the officers.
Bylaws Of The Corporation Form Of Business Ownership In Washington
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To form a Washington S corp, you'll need to ensure your company has a Washington formal business structure (LLC or corporation), and then you can elect S corp tax designation. If you've already formed an LLC or corporation, file Form 2553 with the Internal Revenue Service (IRS) to designate S corp taxation status.
LLC members may be any person or organization while S Corporation shareholders must be individual U.S. citizens or U.S. residents, estates or certain trusts (they cannot be other corporations or LLCs). Also, the number of shareholders is limited for an S Corporation while an LLC may have an unlimited number of members.
In Washington, an S corporation is treated as a regular C corporation for state tax purposes because the state does not recognize the federal S corporation election.
How to Start an S-Corp in Washington Step 1 – Choose a Name. Step 2 – Appoint a registered agent. Step 3 – File a Washington Certificate of Formation. Step 4 – Create an operating agreement. Step 5 – Apply for an EIN. Step 6 – Apply for S Corp status with IRS Form 2553.
This governing document is not filed with the state, but it is a requirement for Washington corporations. Bylaws generally cover areas of internal management, including the roles of directors and officers and the holding of shareholders' and directors' meetings.
An S corporation can have only one class of stock, although it can have both voting and non-voting shares. Therefore, there can't be different classes of investors who are entitled to different dividends or distribution rights. Also, there cannot be more than 100 shareholders.
Sole Proprietorship. This is the simplest and most common form used when starting a new business.
How to Start an S-Corp in Washington Step 1 – Choose a Name. Step 2 – Appoint a registered agent. Step 3 – File a Washington Certificate of Formation. Step 4 – Create an operating agreement. Step 5 – Apply for an EIN. Step 6 – Apply for S Corp status with IRS Form 2553.
Like the Model Act pre-revision provisions, the WBCA allows a corporation to deviate from the plurality default rule by inserting another standard in the articles of incorporation. The plurality voting standard is imposed on Washington corporations only by default. RCW 23B.
