• July | 2014 | Washington Wills, Estates and Trusts, Civil and General Litigation and Commercial and Business Transactions

    Fourteen Steps for a New LLC

    Fourteen Steps for a New LLC

    • Obtain an employer identification number from the IRS and open a bank account.
    • Determine how the LLC will be taxed. The IRS has a “Check the Box” procedure for declaring how an entity will be taxed.
    • Determine which assets and liabilities are to be turned over to the LLC.
    • Register with the local tax authority.
    • Establish a Worker’s Compensation account.
    • Obtain a business license, if required by the local jurisdiction.
    • Register with the local unemployment authority.
    • Create employment agreements with any employees.
    • Procure insurance for property and for individual liability of managers and owners.
    • Develop a strategy for developing accident and health insurance plans, wage continuation plans, medical reimbursement plans, group term life insurance plans, death benefit plans or pension and profit-sharing plans.
    • Learn when the LLC is required to file reports with the local jurisdiction.
    • Determine whether operations outside the LLC’s local jurisdiction will require registration in those jurisdictions.
    • Review the LLC’s operating agreement at least annually to ensure that it continues to serve the LLC’s needs.
    • Maintain open and regular communications with your accountant and lawyer.

    This is not an exhaustive list, but is a start to creating a business framework necessary for success…

    Estate Planning

    Estate planning is not just for the elderly, and Johnson Law Group is expert in estate planning and administration. We counsel our clients on a wide range of estate issues, including wills, trusts, special needs trusts, guardianships, conservatorships, powers of attorney, estate tax issues, among others.  Every adult should have an estate plan specifying what should happen to their property when they die; otherwise, the government will decide for him or her. While most people prefer not to think too far ahead, debilitating illness and death is a reality that is, for most of us, unplanned. It is much better, and far more helpful for family and friends, to plan ahead rather than to rely on your local government to distribute your assets according to its laws, as opposed to your needs. Johnson Law Group recommends that every adult should execute a testamentary document (either a trust or a will or both); an advance healthcare directive (“living will”); and a durable power of attorney. The cost of establishing such an estate plan is nominal, and the process is uncomplicated. By taking this step, Johnson Law Group clients are comforted by the knowledge that should the worst happen, their loved ones will be taken care of in a thoughtful and expedient manner. Call our offices to set up a free initial consultation.

    July 2014
    M T W T F S S
    « Jun   Aug »
     123456
    78910111213
    14151617181920
    21222324252627
    28293031