Corporate Formation Lawyer Virginia
When a business owner is setting up or restructuring their company, he or she will have a number of things to think about. Although it might be compelling to put one’s focus on the substance of the business, an owner cannot fail to attend to the structure and formation of the company. As a corporate formation lawyer Virginia has to offer, we, at Dale Jensen, PLC, make sure our clients understand that the structure is very important. Our lawyers help to determine which structure is most suitable and ensure everything is set up correctly. As a result, the business can move forward in the most successful way possible.
To ensure you have weighed out the pros and cons of your business structure, and know all potential ramifications of the alternative options, you should work with a Virginia corporate formation lawyer. Once you know what structure is best suited to you, your lawyer can guide you through all of the legal requirements that are necessary to protect your companies’ interests.
A sole proprietorship is the easiest type of business to start. Because it is so simple, many people overlook some important factors. Although there is no formal process to establish a sole proprietorship, there is much more involved than printing off a business sign and getting started. Depending on where the business is based, you may need to obtain a license, have insurance, or ensure the name is not already in use.
Forming a Partnership
The primary difference between a sole proprietorship and a partnership is the need for an agreement between the partners who will be involved. The agreement should describe the business and the roles and rights of each partner. A partnership can be simple or complex, depending on the nature of the business, the number of partners, and more. There are different kinds of partnerships, and these can be explained by a corporate formation lawyer in Virginia.
Limited Liability Company
An LLC is a type of business structure that is akin to a simplified corporation. There are various protections and benefits that are given to the owners, particularly when it comes to personal liability. A limited liability company has various obligations, including the need for the owner(s) to file documents with certain state governments, including the Secretary of State. Members of the LLC should also ask a business formation lawyer Virginia has to offer to draft an operating agreement prior to engaging in operations. This agreement will detail the duties, responsibilities, and rights of all members, and establish how profits and losses will be allocated amongst them.
Also known as an S corp, this requires precise action with the help of a corporate formation lawyer in Virginia. You will need to file documents with the IRS before you can initiate your operation. An S corp is not itself taxable, but the shareholders are. There are other considerations that can be explained by a lawyer.
This type of business entity is taxable, but also provides immaculate protection from personal liability. There are also flexible options for future growth and development. That being said a C corp is not suited to all business owners. There are both advantages and disadvantages to operating a C corp, and a lawyer can help you to understand them during a consultation.
Call a Corporate Formation Lawyer in Virginia Now
Deciding on the right formation for your business takes time, due diligence, and research. Let our corporate formation lawyers Virginia business owners trust walk you through the process so you know what is best for you. Call Dale Jensen, PLC.