The Virginia LLC, made specifically for small businesses, has all the benefits of a corporation without any of the drawbacks.
With the number of lawsuits constantly increasing, it is important to have protection of your personal assets. The limited liability company and the corporation are both ways to keep your assets and the businesses assets separate and offer equivalent amounts of liability protection.
VIRGINIA LLC IS A LESS COMPLICATED LEGAL ENTITY
Virginia corporations require several legal formalities under statutes. Fortunately, a Virginia LLC does not. It is less complicated to form and a great deal easier to maintain.
VIRGINIA LLC IS MORE FLEXIBLE
The LLC also provides a much more flexible business vehicle. Owners are able to tailor the way the business is run in accordance with their own rules.
However, when you run your business with a Virginia corporation, you must adhere to the statutory framework, procedures and continuing requirements for maintenance, and you must have a Board of Directors.
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.
With this change a Virginia LLC can still enjoy all the benefits of being a limited liability corporation under state law and acquire the perks of corporate taxation.
VIRGINIA LLC CAN RESULT IN LESS ANNUAL FEES
Virginia charges a small annual fee to maintain the registration of a Va limited liability company. This fee is currently $50. This fee is a set fee regardless of the number of members of the # of shares issued.
Compare this with a corporate annual fee that will be a minimum of $100 and can be much more. When a corporation's equity structure grows increasingly complex or added stock shares are issued, the corporation's fee rises significantly. It can rise to as high as $1,700 yearly.
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
With the number of lawsuits constantly increasing, it is important to have protection of your personal assets. The limited liability company and the corporation are both ways to keep your assets and the businesses assets separate and offer equivalent amounts of liability protection.
VIRGINIA LLC IS A LESS COMPLICATED LEGAL ENTITY
Virginia corporations require several legal formalities under statutes. Fortunately, a Virginia LLC does not. It is less complicated to form and a great deal easier to maintain.
VIRGINIA LLC IS MORE FLEXIBLE
The LLC also provides a much more flexible business vehicle. Owners are able to tailor the way the business is run in accordance with their own rules.
However, when you run your business with a Virginia corporation, you must adhere to the statutory framework, procedures and continuing requirements for maintenance, and you must have a Board of Directors.
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.
With this change a Virginia LLC can still enjoy all the benefits of being a limited liability corporation under state law and acquire the perks of corporate taxation.
VIRGINIA LLC CAN RESULT IN LESS ANNUAL FEES
Virginia charges a small annual fee to maintain the registration of a Va limited liability company. This fee is currently $50. This fee is a set fee regardless of the number of members of the # of shares issued.
Compare this with a corporate annual fee that will be a minimum of $100 and can be much more. When a corporation's equity structure grows increasingly complex or added stock shares are issued, the corporation's fee rises significantly. It can rise to as high as $1,700 yearly.
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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