In 1991, lawmakers passed the Virginia Limited Liability Company act. Also known as the Act, this law can be found in Title 13 of the state statutes and it's now known as one of the most small-business-friendly statutes in all of Virginia.
Virginia has a very long history of passing many favorable laws/statutes supporting the growth and start of new businesses. Virginia was rated #1 by Forbes magazine in the area of new small business formation.
The Act is broken into articles, and it covers important things including formation requirements, relationships between members, dissolution, and other financial matters.
Forming an LLC in Virginia- Key Formation Provisions
In order to avoid risking your LLC benefits, you must be familiar with and comply with the rules of formation set out in the Act. Fortunately, these requirements are clear, making formation a straightforward process.
Mandatory information disclosures are an important part of the Act. Pay particular attention to the rules involving the appointing of a valid Virginia registered agent and creating a name for your LLC. In order to be accepted, the name must be unique; if it is the same as - or even too similar to - another registered name in Virginia, it will be rejected.
Forming an LLC in Virginia is Required for Liability Protection
You also need to know about the liability protection law. Limited liability protection is why most Virginia business owners choose a Virginia LLC to operate their business. Section 13.1-1019 says that no LLC owner has a personal obligation for the liabilities of the LLC, regardless of how those liabilities happen, just because they are part of the company.
Absent the protection of LLC limited liability provisions, the business owner is personally responsible for all debts and other liabilities incurred by his/her business. As a business owner in this situation, you place all of your personal assets at risk. Since you can form a Virginia LLC for a low cost and this legal entity is quite easy to maintain, it makes no sense for you to risk your personal assets when the option of an LLC is available to you.
In Article 5 of the Act you will find important information regarding operating agreements and matters of management. Article 5 sets forth the rules regarding your duties as the manager of a Virginia LLC.
When the Virginia legislature enacted the Virginia Limited Liability Company Act, its goal was to encourage entrepreneurs to start new businesses in their state.
Along with protection from personal liability, establishing an LLC in Virginia offers you as a business owner several other advantages. Creating a Virginia LLC will facilitate the process of raising capital for your business. You will also receive major tax benefits and the flexibility in ownership and management that will allow you to run your business as you see fit. - 15246
Virginia has a very long history of passing many favorable laws/statutes supporting the growth and start of new businesses. Virginia was rated #1 by Forbes magazine in the area of new small business formation.
The Act is broken into articles, and it covers important things including formation requirements, relationships between members, dissolution, and other financial matters.
Forming an LLC in Virginia- Key Formation Provisions
In order to avoid risking your LLC benefits, you must be familiar with and comply with the rules of formation set out in the Act. Fortunately, these requirements are clear, making formation a straightforward process.
Mandatory information disclosures are an important part of the Act. Pay particular attention to the rules involving the appointing of a valid Virginia registered agent and creating a name for your LLC. In order to be accepted, the name must be unique; if it is the same as - or even too similar to - another registered name in Virginia, it will be rejected.
Forming an LLC in Virginia is Required for Liability Protection
You also need to know about the liability protection law. Limited liability protection is why most Virginia business owners choose a Virginia LLC to operate their business. Section 13.1-1019 says that no LLC owner has a personal obligation for the liabilities of the LLC, regardless of how those liabilities happen, just because they are part of the company.
Absent the protection of LLC limited liability provisions, the business owner is personally responsible for all debts and other liabilities incurred by his/her business. As a business owner in this situation, you place all of your personal assets at risk. Since you can form a Virginia LLC for a low cost and this legal entity is quite easy to maintain, it makes no sense for you to risk your personal assets when the option of an LLC is available to you.
In Article 5 of the Act you will find important information regarding operating agreements and matters of management. Article 5 sets forth the rules regarding your duties as the manager of a Virginia LLC.
When the Virginia legislature enacted the Virginia Limited Liability Company Act, its goal was to encourage entrepreneurs to start new businesses in their state.
Along with protection from personal liability, establishing an LLC in Virginia offers you as a business owner several other advantages. Creating a Virginia LLC will facilitate the process of raising capital for your business. You will also receive major tax benefits and the flexibility in ownership and management that will allow you to run your business as you see fit. - 15246
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For a Free Virginia LLC Guide and More Details on Forming an LLC in Virginia, visit: http://www.VirginiaBusinessFormation.com/llcservices.htm
