Read our introduction to starting a Virginia LLC and order your VA LLC package online today.
The LLC – short for Limited Liability Company is a business entity that provides both pass-through taxation as well as limited liability protection for personal assets to the owner(s). The organization of a LLC is fairly simple and entails filling in some basic initial details with your state, including the name of the company. A member of an LLC must be a person or another LLC. LLCs don’t issue shares, members can transfer ownership to other members or third parties. Only one member needs to stay in good standing with the state or federal government.
An LLC is taxed through individuals, and those who own an interest in the company are called members, not shareholders. Members can be silent or fully involved with daily decisions and operations. The LLC business type allows members (owners) to withdraw dividends and only be taxed on the funds that are distributed.
Starting an LLC in Virginia isn’t exactly complicated, but knowing the processes and deadlines are important to keep your business in good standing. Getting your business registered with state and federal governments allows you to operate your business legally. You’ll need to have at least one member and file Articles of Organization with the Virginia State Corporation Commission to start your Virginia LLC registration.
The time and cost associated with creating an LLC in Virginia depend on whether you file yourself or use our Virginia LLC formation and incorporation services. Some attorneys and many accounting firms offer business startup services, but they generally charge a lot more for their time. Complex businesses should work with a tax professional or attorney to make sure your company is set up properly. We can save you a lot of time and money if you don’t need an accountant or attorney for business setup. Our tax and accounting partners can help you set up your accounting system and manage your tax returns. They also offer exclusive pricing for MyCompanyWorks clients.
Starting a business in Virginia doesn’t have to be expensive and time-consuming. We have developed a Virginia startup checklist that includes links to programs and resources to make it easier and faster for entrepreneurs to start their own businesses. These include:
Virginia Small Business Administration: Find local assistance for business guidance, funding, and small business education.
Virginia Small Business Development Center: Additional assistance with funding, marketing, accounting, legal services, and more.
Virginia Green Initiative: Find incentives offered to protect the environment through eco-friendly business practices.
In addition to these organizations, a quick Google search for “free Virginia small business resources” returns a bunch of resources to support your LLC startup.
Before you start with a Virginia LLC formation, there are some things to consider. To make sure the Old Dominion State is the best state to establish your company, read the pros and cons below.
Before you form a company in Virginia, consider the following tips to save time, money, and hassle down the road.
If you’re looking for a simple business type that offers limited personal liability and management flexibility, a Virginia Limited Liability Company may just be the best option for your business. Personal asset protection, simple operation, flexible ownership, and pass-through taxation are top reasons why the LLC is the most popular option for entrepreneurs, startups, and small businesses.
If you’re offering services rather than products, a Virginia LLC may be the easiest and most affordable option for your company. You can save yourself some money by filing your own paperwork. You can save time and money with MyCompanyWorks’ Virginia LLC Filing Service. If your company has more than one type of revenue or has in-depth compliance requirements, it may make sense to talk to an attorney or a tax professional before you start your business.
There are loads of small business resources, like the Virginia SBA and Small Business Development Center, that can help you start a business plan, apply for funding, and offer networking opportunities to help you grow your business. Connecting with other entrepreneurs and business organizations can be very valuable while you’re learning how to run your company.
It’s worth the time to consider the pros and cons of starting a Virginia LLC. You may find that forming your business in another state or even forming a Corporation may suit your business better than what a Virginia LLC has to offer.
Visit our Virginia Business Startup Guide to start a Virginia LLC on your own or order a business formation package MyCompanyWorks.
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This entry was posted on Friday, March 25th, 2022 at 1:21 pm and is filed under Starting A Business, Limited Liability Company. You can follow any responses to this entry through the RSS 2.0 feed. You can skip to the end and leave a response. Pinging is currently not allowed.