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. Like a corporation, the LLC can also have an unlimited amount of shareholders, called members. Unlike a corporation however, if a member dies, files for bankruptcy, or otherwise leaves the LLC, the company is dissolved. Business forms with limited liability have existed for hundreds of years, but the modern LLC became more popular in Virginia since the legislature enacted laws authorizing its formation.

Can My Business Be Formed as an LLC?

Virginia allows a company to incorporate using the business form it chooses. To begin as an LLC, a company simply files the necessary form with the Secretary of State. There may 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 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 Petersburg may 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 attorneys practicing business law in Virginia.