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. 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?
In Virginia, a business can be formed using the form that it chooses. Opening an LLC simply requires that the business founders file a form with the Secretary of State. However, some charge additional fees for the formation of LLC?s, and in Virginia there are specific laws that govern the actions of LLC?s. Applicable laws are a primary consideration in the decision of whether to organize as an LLC. The right business structure for your company may be difficult to find, but different structures can end up saving your company a lot of money.
Can I Change the Form of My Business to an LLC?
Under certain conditions, a business in Woodstock may change its form. Eligibility for conversion to a LLC is determined by Virginia law.
How Can an Attorney Help?
Whether it would be favorable for your business to form or convert to a LLC is a difficult decision. An attorney practicing business law in Virginia can give you valuable advice.