The Virginia LLC is designed specifically for small business. It has all the advantages of a corporation but without the disadvantages.
Both the limited liability company and the corporation offer the same level of liability protection. They are both business protection vehicles and provide a layer of protection between you personally and your business. This is a must have today given the growing number of lawsuits.
VIRGINIA LLC IS A SIMPLER LEGAL ENTITY
A Virginia LLC has advantages over a corporation because you gain a legal entity that is much simpler. A Virginia limited liability corporation has none of the required statutory legal formalities of a corporation, making it easier to maintain.
VIRGINIA LLC IS LESS RIGID
When you have a Virginia corporation you are required to follow a set of statutory structures and processes as well as some maintenance requirements like having a Board of Directors.
Conversely, the LLC allows owners to structure their businesses the way they would like.
VIRGINIA LLC HAS MORE TAX CHOICES
One of the main reasons the limited liability company in Virginia is so popular is because in 1997, the IRS passed the Check the Box Regulations which allows a Virginia LLC to choose its tax structure among a single level of taxation, C corporation or S corporation.
Now, a business can obtain the benefits of corporation taxation but still keep all the state law benefits and simplicity of the limited liability company.
ANNUAL FEES FOR A VIRGINIA LLC ARE SMALLER
In the State of Virginia, there is a minor yearly fee you must pay to renew the registration of your Virginia LLC. The fee is set at $50. The fee does not change, no matter how many members you have or how many shares you have issued.
In contrast, the minimum annual fee for a corporation is $100 annually and it can be more. As a corporation equity structure gets more complex or more shares of stock are issued, the fee increases significantly and can be as much as $1700 a year.
Summary
When you form a Virginia LLC , you get a versatile protection vehicle for your business. While a corporation may be more suitable for larger and complex businesses, the Virginia limited liability company is more suitable for the typical small business. - 15246
Both the limited liability company and the corporation offer the same level of liability protection. They are both business protection vehicles and provide a layer of protection between you personally and your business. This is a must have today given the growing number of lawsuits.
VIRGINIA LLC IS A SIMPLER LEGAL ENTITY
A Virginia LLC has advantages over a corporation because you gain a legal entity that is much simpler. A Virginia limited liability corporation has none of the required statutory legal formalities of a corporation, making it easier to maintain.
VIRGINIA LLC IS LESS RIGID
When you have a Virginia corporation you are required to follow a set of statutory structures and processes as well as some maintenance requirements like having a Board of Directors.
Conversely, the LLC allows owners to structure their businesses the way they would like.
VIRGINIA LLC HAS MORE TAX CHOICES
One of the main reasons the limited liability company in Virginia is so popular is because in 1997, the IRS passed the Check the Box Regulations which allows a Virginia LLC to choose its tax structure among a single level of taxation, C corporation or S corporation.
Now, a business can obtain the benefits of corporation taxation but still keep all the state law benefits and simplicity of the limited liability company.
ANNUAL FEES FOR A VIRGINIA LLC ARE SMALLER
In the State of Virginia, there is a minor yearly fee you must pay to renew the registration of your Virginia LLC. The fee is set at $50. The fee does not change, no matter how many members you have or how many shares you have issued.
In contrast, the minimum annual fee for a corporation is $100 annually and it can be more. As a corporation equity structure gets more complex or more shares of stock are issued, the fee increases significantly and can be as much as $1700 a year.
Summary
When you form a Virginia LLC , you get a versatile protection vehicle for your business. While a corporation may be more suitable for larger and complex businesses, the Virginia limited liability company is more suitable for the typical small business. - 15246
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For a Complimentary Report on Advantages to Form a Virginia LLC or Complimentary Name Search, Visit: http://www.VirginiaBusinessFormation.com
