When creating a business, it is a good idea to know what type of business license you may need in order to register and license your business and pay the appropriate taxes. This can be complicated if you’re new to it, and you may want to consider having the legal guidance of an experienced business formation lawyer in Virginia, like from Dale Jensen, PLC, who can advise you for legal business matters and help you get your business set up properly and legally. Call a law firm today to get started with a consultation, but in the meantime, here is some information to help you learn more about the benefits.
When to Use an LLC
An LLC (Limited Liability Company) separates you as an individual from your business and as such limits the amount of liability you have if someone were to attempt to sue you for some reason related to your business. It is a type of corporation, but allows you to have some lower taxes as a partnership and you don’t always have to have a business license in order to have an LLC depending on the industry you are in.
Benefits of an LLC
Forming an LLC can provide you with many benefits, such as:
- protection from lawsuits of you as an individual – this is the case because the LLC separates you and your partner (if you have one) from the business as an individual.
- less paperwork – it is typically a more simple process to form an LLC and register it within your county, city, or state.
- tax advantages – having an LLC allows you to file taxes as a partnership, which could save you a lot of money in taxes.
- ownership and management flexibility – you are not required to have a strict or specific setup for the management or ownership of your LLC.
- and more…
Hire a Business Lawyer
Some of the requirements and processes for forming any kind of business, including an LLC, can be complex and you may benefit from have the legal guidance of an experienced business lawyer who knows that laws and strategies for creating a successful business off the start. No matter where you are in the process of starting a business, it is never too early to start talking with a lawyer for advice and assistance on what to do next. Contact a law firm today to schedule a consultation with a business lawyer.