Virginia Incorporation: Incorporate in Virginia
Incorporate in Virginia
If you have decided to incorporate in Virginia, it is important that you understand all the legal issues related to proper set up. There are many steps involved and the most critical is deciding on whether to form a Limited Liability Company or corporation for the protection of personal assets.
The first step to take in setting up a Virginia business is gathering the maximum information on the type of business you are interested in setting up. You need to prepare a business plan, the kind of profit you are aiming for, your investment for starting and operating the business until it is profitable along with a list of requirements to start the business. You also need to decide to form a Limited Liability Company or corporation.
The next critical step is to have a financial plan as soon as you decide to start your business. It should include direct and indirect costs. You also need to adhere to the rules of the Virginia State Corporation Commission which is the official custodian of the judicial and administrative records of the Virginia State Corporation Commission (SCC).
The most important advantage in setting up a corporation in Virginia is that your personal assets are protected from being lost due to business debts. If the business is not incorporated or formed as an LLC, you can be sued for mismanagement and business debts.