Once i start my LLC how do i maintain it? What taxes do i pay?
I recently formed an LLC in the state of Washington. It is just me - no employees, no shareholders.
Attorney answers (1)
Hi, we have two different issues here: 1. how you handle and manage an LLC and 2. what kind of taxes the LLC has to collect and pay. When you formed an LLC you have to complete a Master Business Application with the Secretary of State. When you do that, you always want to file an Initial Report. Did you already do this? Then, you have a duty to file an annual report each year and notify the Secretary of State of changes in your LLC.
It sounds like you have a name set for the business. This also brings in an interest trademark spin. Do you want to make sure no one else does business with your same name? Is your business located in Seattle? If so, you will need a City license on top of the State license. Now, when it comes to tax, there are three different issues: 1. federal taxes, 2. WA state B&O taxes, 3. WA sales taxes, 4. Seattle city taxes. A recent bill called the "digital products bill" was recently passed in WA, which severly changes the way you need to collect and remit sales taxes on digital products. Do you do business in any other state? Tax planning is importand complicated. I would be happy to speak with you in detail on what you need to do and how you can stay on top of all your compliance requirements and tax requirements. Feel free to contact me if you want to know more. Fabio Ambrosio Attorney at Law (206)801-0985 www.ambrosiolawfirm.com Disclaimer: This answer does not create an attorney-client relationship and is for informational purposes only. It is not, nor is it intended to be, legal advice. You should consult your attorney for legal advice tailored to your individual circumstances. 1 person marked this answer as good
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