What You Need To Know Before Launching A Business In Washington

Washington State is one of the most preferred states by entrepreneurs and individuals because of its favorable tax policy. The people there are not required to submit to the state their personal income tax. Small businesses are also spared of the burden of paying taxes as long as their revenue is not more than $43,000. In order to enjoy these, businesses are required to get an EIN in Washington and everybody knows that the process is not that easy. Here are the important steps to follow.

First, send the Secretary of State a copy of your formation document. There are those that might say that processing a business license from the Department of Revenue should be the first thing that you have to do but the fact is that it could slow down your process. This step can also be accomplished easily as long as you know all the documents you have to submit. For corporations, prepare the Articles of Incorporation while LLCs will need to have a Certificate of Formation. You might have to consider going through an agent because one of the required information is the name, address and signature of a local agent.

Online processing will get you the result within three days while via mail might take around three weeks. An email confirmation will be sent by the Secretary of State to confirm the formation of your business along with the UBI (Unified Business Identifier) number with nine digits. This should be sent directly to you by the Secretary of State to avoid duplicates from multiple agents.

After you have received your UBI number, you can proceed in processing your business license through the Business Licensing Service. This will let concerned agencies know about the business you are into and to help you pay employment insurance as well as taxes with ease. Application process can be done within two days and in special cases where application should be done by paper could take around 21 days to be completed.

If your business is going to pay federal taxes then it is necessary to get an EIN in Washington which can be accomplished online or through an agent.

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