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. For hundreds of years, limited liability has been a main goal of some business forms, but since the Virginia legislature enacted laws authorizing its formation, the modern LLC has become more and more popular.
Can My Business Be Formed as an LLC?
Virginia allows a company to incorporate using the business form it chooses. To start as an LLC, a company just files the necessary 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. You should consider these laws when deciding whether to organize your business as an LLC. Finding the right business structure for your company might 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 Lexington 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?
The decision of whether to form or convert to a LLC is best considered with the advice of local Lawyers practicing business law in Virginia.