THE WORLD OF LAW AND BUSINESS
The right legal partner accelerates your journey to business success on your terms. From the spark of inspiration through growth, change, and challenge, it’s important to choose a business attorney who offers creative strategies, straightforward advice, and a responsive, personal approach. Attorney Reed Yurchak is well versed in all aspects and matters relating to entity formation, along with taxation, liabilities, and considerations which may impact the business’s income and profit considerations in the years to come. The breadth of our attorneys’ expertise means we can handle anything the world throws your way. We help our clients before they decide to structure their businesses, franchise, and non-profit companies. In Washington state, other structures we have experience in forming and maintaining are sole proprietorships, S-corporations, C-corporations, Limited Liability Companies, General Partnerships, Limited Partnerships, Limited Liability Partnerships, Nonprofit Corporations, Professional Service Corporations and Limited Liability Companies.
"Reed is an experienced and knowledgeable attorney with a business background. He is approachable and personable and has a unique ability to convey complex subject matter in a manner that is simple and understandable. He is practical, creative, highly empathetic, and I would recommend Reed to entrepreneurs, business owners, and executives."
From the very beginning of any new structure, we help the entity, its operators, and its employees make the best decisions for each of the legal hurdles and growth which comes with the operation. For example, companies have a legal need stemming from what business and employee considerations need to occur and how to structure that relationship. Is the entity primarily an investment vehicle? How do the operators want to have its taxes treated, pass through such as subchapter S tax treatment? How does the company deal with future financing, equity for future capital or grants to management and it’s employees?
The above-aforementioned topics are just a few of the considerations that will need to be decided with the adoption of the business type. Our law office has advised clients on the matters that are most critical to their business and success – we have been there at every key decision and step to help guide our clients to maximize their success. When we have come to a consensus as to what is needed, we prepare and file all the necessary materials with the appropriate offices and provide our clients with their books and records. We have done this for countless entities. We revel in the enjoyment of setting our clients up for success – when you make money, we have done our job!
HERE FOR YOUR BUSINESS NEEDS
Starting and running a business can be tricky, but Reed will be there for you at every step. Contact us today to schedule your free consultation at our Bellevue personal injury office.
Click on the button above to use our website contact form or try out the communication chat box below to schedule your FREE CONSULTATION TODAY. You can also call (206) 866-0766 or (425) 941-6659. We will examine the details of your case and determine which legal strategies may be best for you.
TIPS AND STRATEGIES
How you start your business at the start have an impact on your results. Get a head start to the competition with the right ownership structure, founding documents and more. All little details done right gives your business the foundation it needs to grow and thrive.
Our finance experts connect your business to the capital it needs for expansion, acquisition, R&D, and more. We know who is investing, what they are looking for, and how to structure win-win deals that address your unique needs. Need an introduction? Attorney Reed Yurchak works with some of the region’s most prominent investors. Want to go public? We can help. As your business grows and expands, we can advise on virtually any legal issue, from employment to taxes to litigation.
In most businesses, people are your biggest investment—and you want to compensate them in ways that will attract and retain the best. We design plans to meet your business goals while maximizing legal and tax advantages.
Compliance is a day-to-day reality for most businesses. Attorney Reed Yurchak meticulous attention to details and deep industry knowledge takes the pain out of complying with complex regulations. Hundreds of clients retain us on an ongoing basis to keep them current with filings, reports, and audits. He can also help you handle governance matters of all kinds at the board and executive level.
MAKE SMART DEALS
From small spin-offs to billion-dollar deals, we can handle virtually any merger, acquisition, or business transaction. We deeply understand the implications of intellectual property, tax, employment and other considerations when businesses combine, and our international network of collaborators ranges from accountants to investment banks, always with the highest quality and reputation.
PROTECT INTELLECTUAL PROPERTY
Intellectual property can be incredibly valuable, but maximizing its value requires smart legal strategies. Whether you’re just starting out or have a massive patent portfolio, we help you protect, license and exploit your knowledge assets. And not just in software—we serve manufacturers, distributors, life sciences companies, inventors: anyone with a valuable idea.
There are many different ways to structure your business. We offer professional legal advice for those listed below. Whichever form you wish to register your business as, our proficiency and ability to represent you in the best way possible will grant you ease of mind as you tend to your business.
If you own a business alone, if you are the sole signatory for the business, if you don’t have to take permission before taking a business action then you are a sole owner of the business, and this means you run a sole proprietorship form of business. While some states in the US might require some paperwork in order to get business permits, you are completely free from the complexity of incorporations – but be advised that it doesn’t generally mean you don’t have ropes to untangle.
Just as every other form of business, running a sole proprietorship business has its bad sides and good sides. The IRS is always looking for defaulters, and employees are looking to get promoted. This is why you should not give the IRS a reason to investigate and prosecute you.
At the Law Office of Reed Yurchak, we proffer advise and guide business owners through the processes of filing a name for your business, acquiring any business permit (as required in the Washington state), declaring your income and paying your taxes, and also obtaining insurance to cover your business. We make sure you are on the right side of the law.
Incorporating a business as an S-Incorporation business poses huge benefits since it is somewhat similar to partnerships and a regular corporation. Business law attorney Reed Yurchak will make sure you get to choose the best form of business registration that suits your business goals and personal interests, this will help avoid regrettable ignorant decisions you might make when starting your business. With our vast experience and reliable business law skills, we will make sure you make the right decisions for your business by critically analyzing your business goals, and making sure they align with the incorporation type.
Adhering to the laws and rules that regulate businesses registered in the form of C–Corporations can be next to impossible for investors, shareholders as it is rigorous. C-Corporations distance shareholders from the business itself, so the business owners and investors are free from any liability that might be a result of the activities of the business. Here, the IRS is only interested in the business – and unlike S-Corporations where numbers of shareholders are limited, the number of shareholders allowed for businesses registered as a C-Corporation is not limited and the business can act independently.
Registering a business in the form of C-Corporation includes very complicated phases. In C-Corporation businesses, owners will have to draft and also file the article of incorporation of the business, together with a business name. Stock certificates will then have to be given to shareholders and investors; these stocks can be publicized or privately disbursed to investors.
If you are already sure that your business is better under the C-Corporation, attorney Reed Yurchak will help you through the necessary phases of setting up your business. But in a situation where you are caught in the middle of decisions and options; we will carefully listen to your business goals and plan as this will help us offer you the best business advice.
Limited Liability Companies
Hiring the professional services of an attorney, skilled and experienced in business law is very crucial to ensure your business doesn’t encounter legal issues in the foreseeable future. When you hire attorney ReedYurchak to assist in the formation of your limited liability company, we lay bare, the structure of a limited liability so you comprehend its tax benefits, and how your state law might affect your company. We also guide you through the processes of filing a mandatory article of the organization, espousing company regulations, bylaws and other agreements; which of course require a legal team.
Having the characteristics of a partnership and a corporation, limited liability companies have liability protection and it is characterized by an easy structure, compared to C-Corporation and S-Corporations. Registering a business in the form of a limited liability company offers lots of benefits, but once again, it depends on how you choose to run your business. It is a great choice in the sense that you don’t have to worry about settling business debts or lawsuits with your personal income – your business financial returns are the only source considered.
Limited liability companies also have the ownership structure as the sole proprietorship, in the sense that registering a business as a limited liability company doesn’t necessarily require multiple signatories. You can choose to register your own personal business (where you are the sole owner) as a limited liability company (not entirely moving on from sole proprietorship); this way your personal income from other sources are not at risk when your business is being financially targeted.
General partnership businesses are more of ‘all for one’ and ‘one for all’, and this is so because all partners in a business in the form of the general partnership are liable for any debt incurred in the business. And also, partners are individually and collectively responsible and liable for actions of any individual (partner) in the business, while carrying out business activities.
Seattle Washington business law attorney, Reed Yurchak is experienced in drafting partnership agreements for partners. It is important for a partnership to have a legal binding agreement beforehand, as this will ensure more clarity in individual responsibilities and how the partnership wishes to deal with lawsuits and business debts. These agreements will guarantee a reliable and legal means of settling disputes, making decisions and checkmating conflict of interests.
State laws with regards to limited partnership differ, more reason why it is vital for business partners and investors wishing to invest in a partnership business, to make sure their incomes are protected from the carelessness of other members of the business.
The Law Office of Reed Yurchak offers legal advice and guide, in making decisions that affect the business legally.
Limited Liability Partnerships
Debts and lawsuits are common in the United States; this is why several forms of businesses and partnerships exist, to suit the interest of individuals wishing to register their businesses. Limited liability partnership protects some investors and partners from liabilities. We offer an extensive guide and enlighten clients on how not to be liable for business actions.
You own or run a non-profit organization if you don’t seek to use the financial returns of the organization as a personal income or expenses. Non-profit organizations can exist as a human right activist organization, charity organization, foster care, environmental care among several others.
As an organization in the Washington State, starting a non-profit organization can be tiring and might be subjected to scrutiny and criticism. However, the most challenging issue of non-profit organizations is meeting the legal requirements of being exempted from federal and state taxes. For non-profit organizations to be able to carry out their duties and achieve their organizational goals, they need to be free from enormous federal and states taxes they might be required to pay due to financial contributions they receive.
Every day people try to beat systems and for this reason, organizations are required to meet certain requirements to obtain a tax-exempt status, attorney Reed Yurchak is vastly seasoned in helping organizations acquire tax-exempt status. Some of the legal issues a non-profit organization might face are briefly discussed.
- Tax-Exempt Application: In order to be eligible for the Federal Tax exempt status, non-profit organizations are required to apply for the 501 (C) tax-exempt status. Our law firm will help your company insert a mandatory clause while filing your organization’s Article of Incorporation.
- Permit for Fundraising: It is common for non-profit organizations to seek financial support from the public, and this is widely practiced by many non-profit organizations in the United States. Nevertheless, to be able to hold a public fundraiser or seek financial support from the public, a permit is required. Organizations need to register through the Secretary of State, under the Charities Program.
There are many other legal issues that non-profit organizations are bound to encounter. We guide non-profit organizations by offering legal advice on how and when to best respond to public opinions, how to spend organization money in order to maintain tax-exempt status. We help organizations develop systems for accountability, documentation processes that are of Washington State standard.
The foundation of any professional service is the highest order of professionalism and unquestionable respect for clients and public opinion. Those who offer and provide professional services for the general public, must always be ethical in all their activities, and we always consider a chance to represent individuals that offer professional services an honor and we like always, give the best. It is common for those that offer professional services to face trials due to lawsuits from clients or business partners, and we unhesitatingly embark on the journey of proving the innocence of our clients.
The above-aforementioned topics are just a few of the considerations that will need to be decided with the adoption of the business type. The law office of Reed Yurchak has advised clients on the matters that are most critical to their business and success – we have been there at every key decision and step to help guide our clients to maximize their success. When we have come to a consensus as to what is needed, we prepare and file all the necessary materials with the appropriate offices and provide our clients with their books and records. We have done this for countless entities.
It is worth knowing that attorney Reed Yurchak is also a dependable business lawyer in defending corporate lawsuits on businesses and partnerships in Seattle and Bellevue, Washington. It is common for employees to make mistakes or take actions that might prove to be costly for their employers, and customers are well aware of their rights. In the case of a lawsuit against your business as a result of a poor service(s), assault on a customer, or hazardous environment, it is important you have an attorney experienced in business law to defend your business; making sure amounts payable are minimum or completely averted.
Often times, business partners are fond of breaking partnership agreements, and sometimes these acts of selfishness and carelessness can incur extra costs and cause damages to your business. We carefully examine cases, thoroughly analyzing and criticizing from all angles before we advise whether it is prosecutable and if so; we leave no stone unturned in our quest to convince the court in your favor. We revel in the enjoyment of setting our clients up for success – when you make money, we have done our job!
After the business formation, we are consulted by the business owners and executives with the ongoing management and governance of their entities. From start to finish we protect their interests, ensure they understand their rights, and duties within any corporate entity. We counsel clients on Employment Law, Workers Compensation, Employee Relations and Immigration. We advise best practices for governance and make sure that nothing can be left to surprise our clients which may open them up for liability or distraction. We make sure that we align those efforts with the structure to match the goals from the onset, whether it’s to explore and exploit a business pursuit, merge with a larger entity, purchase a competitor, consolidate the marketplace entities, and ensure you have the best thoughtful, experienced, advice and guidance to provide you with the sound of mind during any transaction. Our fees associated with Incorporation / LLC package range from $750-$1,200 and Trademark Registration from $650-$1,300.
The Wyoming DAO, LLC.
In follow up to its 2019 series of blockchain-enabling laws, in March of 2021, Wyoming’s state senate passed the Decentralized Autonomous Organizations Supplement (“DAO”), a bill aimed at providing legal status to a DAO and some protection to its members. Wyoming’s DAO law is the first to provide a legal framework for an entity that has not yet been contemplated by the federal government or other state legislatures.
Wyoming, the home of the “LLC,” has used the limited liability company framework go DAO’s in the same way that it allowed regular businesses to incorporate as an LLC. The purpose was not only to provide a legal structure but also to provide protection to the general partnerships that would prevent them from being sued as well as make the DAO’s “legal persons” under the law and provide some clarity to entities that notoriously have little structure or definition.
As one of the sponsors noted, this bill does little more than a “tech savy attorney” could have accomplished but does make the process of operating a DAO more unified with some apparent protections to its members afforded by the LLC’s in the state. However this new legal framework does not address all potential problems from operating a DAO but is a first step in recognizing DAO’s as legal entities.
What is a Smart Contract?
Before we get into the DAO we should define the smart contract, which is a set of computer code running on a blockchain that executes certain transaction protocols which are intended to automatically execute or control certain actions according to the terms of an agreement when particular conditions are met.
The agreements contained within the code allow for identified transactions and agreements to be carried out by anonymous, independent parties around the globe upon certain, identified conditions. Moreover, the code is immutable, meaning it cannot be modified or changed once deployed on the network.
Smart contracts can execute a myriad of tasks ranging from decision making and voting to automatic profit distributions or the execution of sales agreements, thereby streamlining basis functions and decreasing time delays in the execution of agreements.
What is a DAO?
A DAO is generally a pool of resources governed by a series of smart contracts which enable the organization to function autonomously, without the need for a central intermediary or authority. Generally the smart contracts that control the DAO must include the creation and distribution of some form of a unique token that the DAO uses to transfer credit to fund certain activities or that can be utilized through voting mechanisms.
The tokens usually carry voting rights and decisions regarding the management and operation of the DAO are typically made through proposals that are voted on by the members of the DAO. The result is a fully operational autonomous organization independent from any central authority or management. DAO’s are particularly interesting and will grow in popularity because they enable like-minded people around the world–who neither know nor trust each other–to work together towards a common goal. Since the actions of the DAO are governed by smart contracts the operation of the DAO does not depend on trust. The DAO’s rules and governance and details of the organization are embedded in the DAO’s code, which is transparent, immutable, and verifiable by anyone who can access the blockchain. DAO’s therefore open a door to many new opportunities for collaboration on a global scale by diverse interests all without a central authority or management.
Why create a Wyoming DAO, LLC?
The Wyoming LLC is a separate, legal entity distinct from its members or founders which has certain protections under Wyoming law. There are several advantages to opening an LLC:
- Members have liability protection: LLC members are not personally liable for the LLC’s debts or legal liabilities.
- Pass-through taxation: Unlike a “C” corporation, the profits of the LLC “pass-through” to be taxed only once as the members declare income. There is no “double taxation” at the corporate level.
- Ease of management: LLC’s have far fewer rules and regulations and are far easier to manage and operate.
Currently Wyoming is the only state in the union to recognize a DAO as a legal entity and offer a framework of protection. While not perfect the DAO LLC is the start to offer some protections and legal framework to a new technology that is increasingly attracting the attention of bureaucrats and regulators.
Washington State Business Websites
Secretary of State Corporation Search
Search for registered businesses in Washington State.
The Washington Bar Association
The Washington State Bar Association is a well-known resource for lawyers. Another section of the site though is just for the public, with helpful information for any Washington resident or professional.
Bellevue Business Search
Search for registered businesses in Bellevue.
Seattle Business Search
Search for registered businesses in Seattle.
Gallager Law Library – Washington State Law
You can find another section about Washington State Law at the Gallagher Law Library of the University of Washington School of Law. They offer quick links to information about Washington Law. and an entire library database for scholarly journal articles on business law topics.
Washington State Legislature
The Washington State Legislature hosts a searchable database for bills and documents Seattle business owners will find helpful. You can also go to the Washington Senate and House of Representatives from this site. You can search their database for documents by topic, year, or government branch.
Seattle Business Legislature
Not all businesses are automatically welcome in Seattle. Some must seek a regulatory endorsement by the City of Seattle on top of their usual business license. To find out if your Seattle business must be endorsed by the city, check the list on the Seattle.gov site.
Seattle Business Code and Rules
Before you start building your new shop or operating a 24-hour construction business, you should probably become familiar with the codes and rules of Seattle. You’ll need to check with the city’s Department of Planning and development for codes, permits, planning, and resources, Seattle.gov/dpd/codesrules/KING COUNTY BUSINESS LICENSE REQUIREMENTS – Not every city in King County require a business license, but many do. Find out if Seattle, an outlying suburb, or another Washington city in King County will require you to apply for a business license, kingcounty.gov.
Internal Revenue Service
The Internal Revenue Service is an important site for any business owner, whether new or experienced. Head to their site for tax laws, tips, and to take care of your TIN or EIN, irs.gov/businesses.
Washington State Department of Revenue
As with the IRS, starting a business in Washington means registering with the state. Head to the Washington State Department of Revenue to register your company name and type. It’s important to check here to make sure your business name is available and to check on tax refunds, dor.wa.gov.
Reciprocity is a networking website for businesses that works a lot like LinkedIn. It allows you to find potential clients in your specific area so you can conserve resources by using very targeted advertising techniques. You can also network with other Seattle professionals who will pass along referrals and post discounts and event announcements for free, reciproty.com/welcome.
THE LAW OFFICE OF REED YURCHAK
1215 120th Ave. N.E., Ste. 110
Bellevue, WA 98005
Monday - Sunday 8:30AM - 11:30PM