The Virginia LLC is designed specifically for small business. It has all the advantages of a corporation but without the disadvantages.
Corporations and limited liability companies both offer the identical amount of protection from liability. Both are vehicles designed to shield your business and deliver a protective layer between your personal assets and those of your small business. In today's litigious society, this protection is a necessity.
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VIRGINIA LLC IS A LESS COMPLICATED LEGAL ENTITY
A Virginia LLC has advantages over a corporation because you gain a legal entity that is much simpler. A Virginia limited liability corporation has none of the required statutory legal formalities of a corporation, making it easier to maintain.
VIRGINIA LLC IS MORE FLEXIBLE
When you form a Virginia LLC, you are required to follow a set of statutory structures and processes as well as some maintenance requirements like having a Board of Directors.
With a Virginia corporation, there is a set of statutory structures, processes and maintenance requirements including a required Board of Directors.
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VIRGINIA LLC HAS MORE TAX CHOICES
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.
VIRGINIA LLC CAN RESULT IN LESS ANNUAL FEES
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
When you form a Virginia LLC , you get a versatile protection vehicle for your business. While a corporation may be more suitable for larger and complex businesses, the Virginia limited liability company is more suitable for the typical small business.
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