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?
The right business form is a decision left up to each business that openes in Virginia. An LLC is started just by filing the appropriate form with the Secretary of State. There can be a fee required for opening your LLC, however. Applicable Virginia laws govern the formation of LLC's and their actions. These laws should certainly help you decide whether to organize as an LLC. The business structure that is appropriate for your business might take some effort to find, but finding the right business form can reward you with increased profitability.
Can I Change the Form of My Business to an LLC?
Businesses in Clifton Forge might sometimes change form. A company is eligible for conversion to an LLC if its situation falls under circumstances that are detailed by Virginia law.
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.