When you are starting a business, there are certain actions that you must take to lay the foundation for a successful venture. An important action that you should take immediately is setting up your business as a legal entity. This will give you certain legal protections if your business is sued and let you choose how your business will be taxed.
There are numerous benefits to establishing your business as a limited liability company (LLC), an S-corporation, a C-corporation or another business entity. Here are a few advantages of forming a business entity:
- You can protect your personal assets from civil suits and other liabilities of the business.
- You can shield one business or investment from the liabilities of another.
- You can secure preferred tax treatment.
Forming a business requires you to complete applications and register your business with the state where it is formed. Since the process can be complicated and confusing, many people decide to hire an attorney to simplify the process.
Our Law Firm Makes Forming A Business Simple
Before you complete the necessary paperwork, you will be required to select the type of business you would like to form. You can choose to set your business up as an LLC, an S-corp, a C-corp or another type of entity. Since each business type has advantages and disadvantages, it is a good idea to get advice from an attorney.
At the law office of Jones Johnston & White, P.C., in Lynchburg, our attorneys can provide you with information about the business entities that are available. After you make your decision, we can manage the entire process. This includes preparing and filing your documents on your behalf and providing ongoing advice afterward.
Are You Thinking Of Forming A Business In Virginia? Contact Us Today.
Whether you are in the planning stage or ready to get started, our lawyers are available to answer your questions. Allow us to draft your documents, review contracts and provide ongoing legal counseling for your business. Call us at 434-333-7051 or contact us online.