What Type Of Business Entity Should I Choose?
Whether you’re starting a business or restructuring one that’s already been established, choosing the right business entity is an important decision that should be carefully considered. The attorneys at GBSR will guide you through the process of choosing the business entity that aligns with your desired goal. Our legal team will help you select from the following options:
- Sole Proprietorship
- Limited Liability Company (LLC)
- Limited Partnership
- General Partnership
- Business Trust
Can I Choose Whatever Business Name I Want?
Unfortunately, you cannot name your business anything that you want. There are numerous restrictions pertaining to business names and it’s important to become familiar with these options before you name your business.
For example, if your business is defined as an LLC, then you cannot use the word “corporation” in your business name because it would imply that your business entity is a corporation and not an LLC. If your business is in the banking, insurance, or brokerage industry, then your business name may not include the words “United States,” “federal,” or “national.”
Take the time to research your options with an attorney to ensure that your business name is compliant with state laws.
DO I Have To Provide An Annual Report?
Your business will have to file an annual report only if you are a Virginia corporation or a foreign corporation that is authorized to do business in Virginia.
I'm Starting A New Business. Should I Hire An Attorney?
Understanding all of the intricacies associated with starting a new business is challenging and time-sensitive. However, under the guidance of a skilled business law attorney, you will spend less time filling out forms and submitting paperwork and more time building your business.
The trusted legal team at GBSR Attorneys welcomes the opportunity to support you in your business endeavors. Contact us today to schedule a consultation.