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Limited Liability Entity Formation

Limited liability companies are popular entities in Washington State. They provide the flexibility that many businesses desire. Limited liability companies can have single owner or member. They are governed by an Operating Agreement, which is particularly important when there is more than one member of the limited liability company.

Regarding taxation, limited liability companies are pass-through for income taxation. While a limited liability company is formed pursuant to Washington State statutes and regulations, the manner in which the limited liability company is taxed by the IRS, depends on which election is made. Some options are disregarded entity, partnership and S corporation. Your accountant and attorney should provide advice as to which election is best suited for your company.

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