In order to properly create an LLC in Virginia, there are 4 major matters that should be thought through well and decided upon. By ignoring these 4 things, you run the risk of an improper or incomplete formation of your Va limited liability company.
First, you need to decide whether you are going to create your Va LLC yourself or use a third party to help you. While many choose to use a business lawyer, a lawyer is not necessarily for the actual formation process. The rules and requirements are straightforward and there are reputable services out there who provide this service to Virginia business owners.
You can perform this service yourself if desired. You need to review the Virginia Limited Liability Company Act and the documents and instructions put out by the Virginia State Corporation Commission.
If you want to save time, money and stress, and gain peace of mind that the filing is done properly, there are online formation services companies that specialize in proper LLC filings. Just be sure you are using one that is experienced and reputable when it comes to creating an LLC in Virginia.
Second, you need to decide on a name for your Va limited liability company. The name must not be the same or similar to another name being used by a Virginia legal entity or a name that has been filed for use by a Virginia business in the state corporation records. You can call the Virginia state agency to check on names or a reputable online formation service will provide this service for you as part of its services.
Third, you need to determine who will be the registered agent for your business entity. In Virginia, every Va limited liability company must appoint and continuously maintain a registered agent and Virginia registered office on file with the state agency.
A registered agent must have a permanent, physical address located in Virginia where legal papers can be accepted by a person during normal business hours. In addition, the agent must be a member of the entity, a legal entity that is properly and actively registered in the state of Virginia or a Virginia lawyer who is in good standing with the Virginia State Bar.
Fourth, you must come up with a plan for preparing and adopting a Virginia LLC Operating Agreement. The LLC Agreement evidences ownership and puts in place a management structure for a Va limited liability company.
When you create an LLC in Virginia, the formation only creates the legal shell entity itself. More action is required to create owners of the Va limited liability company by issuing ownership units to members. In addition, a shell legal vehicle does not automatically have a set of laws or rules to govern it. While the Va LLC Act has some default rules, the law strongly assumes a written agreement among the LLC and its members will be adopted for every Va LLC.
Having a written Virginia LLC Operating Agreement will provide a user manual for your Va limited liability company which in turn makes operating your business easier and with significantly reduced risk of misunderstandings and disputes among owners and managers.
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In summary, there are 4 key fundamental decisions you should focus on before you create an LLC in Virginia. For free Va limited liability company information , a Free Virginia LLC Guide and Virginia specific articles, reports and LLC FAQs, visit www.VirginiaBusinessFormation.com
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