The Limited Liability Company, or LLC, is a business structure that combines the benefits of many traditional business forms. A LLC has the advantages of a corporation's limited liability, but avoids double taxation like a partnership or sole proprietorship. An LLC can also have an endless amount of shareholders, like a corporation. However, the LLC is dissolved if one of those members dies or files for bankruptcy. Limited liability has traditionally been a primary goal of many business forms, but since the legislature authorized it in Virginia, the modern LLC has become increasingly popular.
Can My Business Be Formed as an LLC?
Businesses in Virginia may organize using whatever form they choose. The office of the Secretary of State is the organization that accepts filings by those who want to open LLC's. However, some charge additional fees for the formation of LLC?s, and in Virginia there are certain laws that govern the actions of LLC?s. When deciding whether to form a LLC, you should consider which laws would apply to your company. Although it might take some time to find, choosing the right business structure for your company will lead to increased profitability.
Can I Change the Form of My Business to an LLC?
Changing business forms in Blacksburg can be done if a company's situation meets particular conditions. Conversion to a LLC is possible if Virginia law permits it in your situation.
How Can an Attorney Help?
Lawyers practicing business law in Virginia can advise you on whether it would be favorable for your business to form or convert to a LLC.