Wilson C. Pasley, PLC, Can Advise You on Setting Up Your Business
Wilson C. Pasley, PLC, in Roanoke, VA, can help potential business owners answer such questions as, “When do I need an LLC?” If you ever had the dream of starting your own business, Attorney Wilson C. Pasley can help with business formation assistance. Setting up your business under the best formation strategy is one of the most important first steps. Having your business recognized by the public and the IRS is key to its success. Read on to learn more about LLCs and their benefits.
What is an LLC?
An LLC is a type of business entity that can have one or more owners, referred to as members. LLC members typically participate equally in the management of the business.
An important and key feature of an LLC is that all owners get protection from personal liability for business debts and claims. LLC owners do not work as employees of the LLC; they are self-employed business owners. In the Commonwealth of Virginia, an LLC comes into existence when the members send its Articles of Organization to the State Corporation Commission, along with the required filing fee of $100.
The Benefits of an LLC
Creating your business as an LLC comes with a lot of advantages. Firstly, an LLC is relatively simple to operate. An LLC does not need officers and directors, a board or shareholder meetings, or the other administrative burdens that come with having a corporation. These types of businesses also give owners individual power on what to do with any profits they take in. They can determine how profits are shared under the terms of their LLC’s operating agreement. LLCs can also choose how they want to be taxed. They are usually taxed as sole proprietorships or partnerships, but SMLLCs and multi-member LLCs have the option of choosing to be taxed like a corporation. For more tax information for LLC, take a look at this article from nerdwallet.
Filing Your LLC Paperwork
Before you can open your LLC to customers, you must first file your business with the state and the IRS. Having a qualified lawyer who practices in business law on your side can make the process easier. Our firm at Wilson C. Pasley, PLC, has years of business law experience to provide legal advice and support. We can help you establish your business as a corporation, LLC, sole proprietorship, partnership, limited partnership, or limited liability partnership. It is important to choose the best business formation for tax purposes and legal liability. Talk with us to get answers to your business formation questions.
For more information on when you need an LLC, give Wilson C. Pasley, PLC, a call at (540) 266-1545. Like us on Facebook to stay up-to-date with the latest news and information. We are happy to answer such questions as, “When do I need an LLC?”