Incorporation in Virginia

Find the right Business Incorporation attorney in Charlottesville, VA

By Virginia law, a business that has incorporated is recognized thereafter as its own legal entity. This means that the business may buy or sell property, offer and accept contracts and exercise legal rights in its own name. In Virginia, the process of incorporation is begun by filing with the Secretary of State in accordance with particular guidelines.

Benefits of Incorporation in Virginia

A corporation enjoys benefits that unincorporated companies do not. Primarily, it cannot be held accountable for an amount of debt greater than the value of the assets that the owners have invested in it. Without incorporation, the personal property of business owners is at stake should the company become unable to satisfy its debts. A corporation also allows creditors in the Charlottesville area to assess the credit worthiness of the business as a whole rather than that of its owners, allowing the business to receive loans more easily. Lastly, the ownership stake in a corporation can be apportioned into uniform slices, known as "shares" of stock. This makes it possible to sell ownership investments in more manageable slices.

Costs of Incorporation

Along with a possible fee to file for incorporation in Virginia, there are other costs that corporations incur. The most important is that a corporation is taxed as its own entity. Disbursements to the owners of the corporation are also taxed as individual income, so this means earnings may be taxed twice. But this double taxation can be avoided with proper planning and help from a local Charlottesville lawyer.

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Life in Charlottesville

Charlottesville is an independent city surrounded by Albemarle County. Being an independent city, it is not actually legally part of the county in which it sits. It runs its own affairs, and unlike other cities, the government of the county in which it sits has no jurisdiction over it. It has a population of about 41,000 people.

Charlottesville was named in 2004 as the best place to live in the United States, in the book Cities Ranked and Rated, due in part to its high quality of life, low cost of living, and mild climate.

The city of Charlottesville is steeped in history. It was the home of presidents Thomas Jefferson and James Monroe. It is home to the University of Virginia, which was founded in 1819 by Thomas Jefferson. Along with Monticello (Thomas Jefferson's estate), the university is an UNESCO World Heritage Site - having been recognized by the United Nations as a place of special historical significance to all of mankind. It is the only university in the U.S., and one of the only manmade structures in the U.S., to be designated a World Heritage Site.

The University of Virginia has one of the best law schools in the country, so you don't need to worry about finding a good Charlottesville, Virginia lawyer, if you ever need one. Charlottesville lawyers are ready to take just about any case that you're likely to face.

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