The Virginia LLC, made specifically for small businesses, has all the benefits of a corporation without any of the drawbacks.
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
However, when you form a Virginia LLC you get a much simpler legal entity than a corporation. There are no requirement legal formalities under the statutes like there are with corporations so a Va limited liability company is easier to maintain.
VIRGINIA LLC IS MORE FLEXIBLE
As a business vehicle, the LLC is more flexible. An owner can run his business according his own rules.
With a Virginia corporation, there is a set of statutory structures, processes and maintenance requirements including a required Board of Directors.
MORE TAX OPTIONS WITH A VIRGINIA LLC
Because the IRS passed the Check the Box Regulations in 1997, owners of a Virginia LLC are able to decide which tax structure they want in a single level of taxation. It can be a C corporation or an 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.
ANNUAL FEES FOR A VIRGINIA LLC ARE SMALLER
Currently, the annual fee Virginia charges to maintain a limited liability corporation is $50. This is a set fee that does not change regardless of how many members you have or how many shares of stock have been 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
Forming a Virginia LLC gives you versatile protection for your small business. If your business is larger or more complicated, a corporation might suit you better. The Virginia limited liability corporation is better for the average 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
However, when you form a Virginia LLC you get a much simpler legal entity than a corporation. There are no requirement legal formalities under the statutes like there are with corporations so a Va limited liability company is easier to maintain.
VIRGINIA LLC IS MORE FLEXIBLE
As a business vehicle, the LLC is more flexible. An owner can run his business according his own rules.
With a Virginia corporation, there is a set of statutory structures, processes and maintenance requirements including a required Board of Directors.
MORE TAX OPTIONS WITH A VIRGINIA LLC
Because the IRS passed the Check the Box Regulations in 1997, owners of a Virginia LLC are able to decide which tax structure they want in a single level of taxation. It can be a C corporation or an 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.
ANNUAL FEES FOR A VIRGINIA LLC ARE SMALLER
Currently, the annual fee Virginia charges to maintain a limited liability corporation is $50. This is a set fee that does not change regardless of how many members you have or how many shares of stock have been 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
Forming a Virginia LLC gives you versatile protection for your small business. If your business is larger or more complicated, a corporation might suit you better. The Virginia limited liability corporation is better for the average small business. - 15246
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For a Complimentary Guide on Benefits to Form a Virginia LLC or Complimentary Name Search, Visit: http://www.VirginiaBusinessFormation.com
