The Limited Liability Company, or LLC, is a business structure that combines the advantages of many traditional business forms. A LLC has the benefits of a corporation's limited liability, but avoids double taxation like a partnership or sole proprietorship. An LLC can also have an unlimited amount of shareholders, like a corporation. However, the LLC is dissolved if one of those members dies or files for bankruptcy. Many business forms have historically been aimed at the goal of limited liability, but the LLC is the most modern of these forms, having become popular since the enactment of laws in Virginia that authorized its formation.
Can My Business Be Formed as an LLC?
A business in Virginia can be organized using the form that it chooses. If the founders want to organize as an LLC, all that is required is filing the appropriate form with the Secretary of State. 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. You should consider these laws when deciding whether to organize your business as an LLC. Finding the right business structure for your company may take some effort, but it will ultimately make your business more profitable.
Can I Change the Form of My Business to an LLC?
Businesses in Emporia may change their forms in particular circumstances. Whether a business may convert to a LLC or not is determined by Virginia law.
How Can an Attorney Help?
Attorneys experienced in Virginia business law can give you valuable input on whether your business would be more profitable as a LLC.