Incorporation in Virginia

Find the right Business Incorporation attorney in Reston, 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 remained unincorporated, owners risk losing their personal property should the business become unable to fulfill its liabilities. Furthermore, banks in the Reston area prefer to evaluate the credit worthiness of a business as a whole rather than that of individual owners. This makes the process of acquiring corporate loans simpler. Finally, ownership of a corporation is divided into equal portions or "shares" of stock, which may be bought and sold much more easily than the ownership of an unincorporated business.

Costs of Incorporation

Incorporation can be costly. First, a modest filing fee may be charged in Virginia for any business that wants 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 Reston lawyer.

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Life in Reston

Reston is known internationally for its meticulous planning that aimed at changing post World War II concepts of how to utilize land and create a residential/corporate development in suburban America. That probably why 64,560 Fairfax County residents chose the standout community. It could also be because the schools are so great in the area. There are a number of public and private options and even several opportunities for higher education. Reston has a high proportion of college educated adults, 67%. You can understand then why the average household income is ,221. Reston has a great selection of lawyers who are familiar with local courts. Since Reston is so close to Washington D.C., many Reston lawyers have been licensed in multiple states. Celebrity and political figures live in Reston for the same reasons. Some notable residents of the city include mystery fiction writer Donna Andrews, songwriter and producer to Katy Perry and Britney Spears Benny Blanco, and Delegate Kenneth R. Plum.

Reston has seen much interest and money invested into the city by various technology and Fortune 500 corporations like NII and Sallie Mae. The United States Geological Survey, CNRI, and the National Wildlife Federation are all based out of Reston. Rolls Royce, Google, and other companies recently began putting large installations into the Reston Town Center area. The four-mile direct access from the Washington Dulles International Airport along the Capital Beltway is free. The international companies recognize the savings and also give back to the community. Reston properties are highly sought after because it's such a thriving city with lots of opportunities.

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