When Forbes Magazine listed the best states for business in 2017, Virginia came in at #5. That’s probably no surprise to Virginians. The state’s history and culture are rich with family and entertainment opportunities. But it’s also the business-friendly government policies that make doing business in Virginia a powerful magnet for entrepreneurs.
Starting Your Business
If you’re thinking of starting a business in Virginia, congratulations! The business survival rate is great here, and we offer great opportunities for entrepreneurs. Check out the Code of Virginia and the Commonwealth of Virginia State Corporation Commission for some important business resources.
First, you’ll want to choose what type of business entity fits your business plan.
- Sole proprietorships remain one of the easiest businesses to start. However, the business owner’s personal assets are vulnerable to claims against the company.
- Corporations, a/k/a C-corporations, allow owners to sell stock. This entity type is often used by larger companies and is usually subject to more regulations.
- S-Corporations, though similar to C-corporations, have limited tax and liability advantages.
- Professional corporations provide professional services to their clients.
- The limited liability company (LLC) is a popular business entity type that offers flexibility and limited liability.
Foreign Business Entities
A business that operates in another state or country is called a foreign business (or foreign corporation). Foreign entities may need to register with the State Corporation Commission before you transact any business in Virginia. However, some business activity is excluded from this requirement. Before attempting to register your foreign must get a certificate of authority or certification of registration, talk to an experience Virginia business attorney.
Maintaining Your Business
Depending on the type of business you operate, you may need to file forms with several government offices.
Corporations, for example, must file an annual report in the Officer of the Clerk before the last day of the 12th month after incorporation and on that date every year after. This is another area where a local business attorney could really help.
Schedule an Appointment Today.
For entrepreneurs, personal concerns and business interests form a perfect union when it comes to preparing comprehensive estate plans.
At the Dillon Group, PLC, attorneys work with business owners to make sure both their personal and business needs are met. Schedule an appointment by calling us at 757-962-4796 or completing our Contact Form. Our main office is in Virginia Beach, Virginia, but we also assist clients in Newport News and surrounding communities.