Here at the Grangroth Law Office in Spokane, we represent individuals and businesses. We provide legal representation for good people who need a strong voice and competent advice. Whether you need help with planning your estate goals or forming a business entity contact the Grangroth Law Office in Spokane for a free consultation.. Sole Proprietorship
A Sole Proprietorship is one individual or married couple in business alone. Sole proprietorships are the most common form of business structure. This type of business is simple to form and operate,and may enjoy greater flexibility of management,fewer legal controls,and fewer taxes. However,the business owner is personally liable for all debts incurred by the business.
A General Partnership is composed of 2 or more persons (usually not a married couple) who agree to contribute money,labor,or skill to a business. Each partner shares the profits,losses,and management of the business,and each partner is personally and equally liable for debts of the partnership. Formal terms of the partnership are usually contained in a written partnership agreement.
A Limited Partnership is composed of one or more general partners and one or more limited partners. The general partners manage the business and share fully in its profits and losses. Limited partners share in the profits of the business,but their losses are limited to the extent of their investment. Limited partners are usually not involved in the day-to-day operations of the business. Filing with the Washington Secretary of State is required.