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There are several concerns in the selection of the appropriate entity for your business. Some of these concerns are:
An overriding concern for most business owners is the level of their own financial exposure. Unless the proper business entity is selected, the owner's personal assets and holdings are at risk to creditors or claimants. Although owners can protect themselves against tort claims with liability insurance, the owner's personal liability may be of concern if the business involves risk or if the owner has considerable assets.
The transferability of ownership interests permits the transfer of ownership during an owner's life and upon death without disturbing business continuity. The ease of transfer differs substantially among various business entities.
Tax considerations for startup businesses or those wising to change their business entity are complicated and extensive. Even when tax implications are not a major consideration in you decision-making process, the attributes of the entity that is chosen must be considered to avoid unintended negative consequences.
The management structure of a business is a major consideration in selecting your business entity. Whether all owners can participate in control or management and at what level will depend on your choice of business entity.
The costs related to maintaining records, complying with reporting requirements and maintaining books can be substantial. These costs can be a consideration when selecting a business entity.
Business entity selection involves the following formations:
Our attorneys can assist you in selecting the right entity for your business needs.
With extensive experience practicing business law, the attorneys at Keithley Law, PLLC can help you with your business needs. Our law firm represents employers, franchisors, franchisees, and business owners large and small in the Northern Virginia area. As a small business, we understand your needs and have answers to your questions. We can provide you with effective legal representation in all aspects of Virginia business law.
In addition to legal advice, our firm has an extensive network of professional relationships with realtors, accountants and others that every small business needs. We will leverage our relationships to give you a suite of services that no other law firm can provide. Consider us your trust business advisor.
Our business law representation encompasses the following areas:
Every Virginia and foreign business entity authorized to transact business in Virginia is required by law to continuously maintain in the Commonwealth a registered office and a registered agent. The sole statutory duty of the registered agent is to forward to the business entity at its last known address any process, notice or demand that is served on the registered agent. A business entity may not have, at any given time, more than one person serving as its registered agent in Virginia.
An individual can serve as the registered agent of a Virginia business entity or a foreign business entity that is (or will be) authorized to transact business in Virginia if, and only if:
A Virginia business entity or a foreign business entity that is authorized to transact business in Virginia may also serve as the registered agent of another business entity if it agrees to serve in the capacity. A business entity may not, however, serve as its own registered agent.
The benefit to having Keithley Law, PLLC as your registered agent is that we can respond to any process served on the business given an existing representation agreement for that scope of work.
The information provided on “Keithleylaw.com” is strictly for educational purposes and to provide you with general educational information about Virginia laws. Since state laws are subject to change, please schedule an appointment with our office to further discuss your personal situation. This public information is neither intended to, nor will, create an attorney-client relationship. This website may be considered AN ADVERTISEMENT or Advertising Material under the Rules of Professional Conduct governing lawyers in Virginia. This web site is designed for general information only. The information presented at this site should not be construed to be formal legal advice nor the formation of a lawyer/client relationship. This website may not comply with other state ethics' rules governing attorney advertising. Reviews on this website are submitted by current and former clients of the firm Keithley Law, PLLC. The statements contained therein are based on opinion and personal experience, and should not be regarded as representations or guarantees of results or fees. The duration, expense and outcome of litigation varies on a case-by-case basis.
IRS Circular 230 Disclosure:
To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. federal tax advice contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of: (1) avoiding penalties under the Internal Revenue Code or (2) promoting, marketing, or recommending to another party any transaction or matter addressed herein. The taxpayer should seek advice based on the taxpayer’s particular circumstances from an independent tax advisor.