Incorporation in Virginia

Find the right Business Incorporation attorney in Portsmouth, 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. The Virginia Secretary of State receives and processes applications for incorporation, which must be submitted in compliance with local guidelines.

Benefits of Incorporation in Virginia

Certain benefits inure to a business in Virginia that has incorporated over one that has not. First, a corporation's liabilities can never go beyond the amount invested in the business by the owners. Had the business instead remained a collection of the owners' personal assets, the personal property of the stakeholders could be liquidated to pay the liabilities of the business, if it runs into financial problems. A corporation may also find it easier to finance itself through loans, allowing creditors in the Portsmouth area to evaluate their investment by assessing the corporation rather than the individual credit-worthiness of its owners. Lastly, a corporation's ownership stake is divided into equal slices or "shares" of stock, which make investments in the business much easier to transfer.

Costs of Incorporation

There are costs associated with incorporation, both short and long term. First, businesses in Virginia may be charged a fee to incorporate. Also, 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 Portsmouth lawyer.

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Life in Portsmouth

Portsmouth, Virginia is an independent city (meaning it is not part of any county) in the Hampton Roads metropolitan area of Virginia. Its population is about 95,000 people.

Portsmouth is home to the Norfolk Naval Shipyard, a historic and still-active shipbuilding facility for the United States Navy. It was given the name "Norfolk" to avoid confusing it with the Naval shipyard that already existed in Portsmouth, New Hampshire.

This shipyard employs thousands of people, and is one of the major economic drivers of Portsmouth, Virginia. The shipyard, and the associated military installations nearby, employ several Portsmouth, Virginia attorneys, both as military officers and civilians.

Because of its varied industries and large military presence, there are many lawyers in Portsmouth, Virginia practicing a wide variety of legal specialties. If you need legal advice, chances are good that you can find a Portsmouth, Virginia attorney who can help.

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