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Top 5 Reasons to form a Corporation or LLC
Not sure whether it makes sense to
form a Virginia corporation or Virginia LLC? Worried it won't be worth the
money you spend to set it up? There are plenty of great reasons to form a
Virginia corporation or Virginia limited liability company. Here are my
top 5 reasons:
1. The absolutely number one reason to form a corporation or LLC is for personal
asset protection! A corporation or LLC separates your company's assets from your
personal assets (your home, your car, your savings). If your company hits a
period of financial difficulty or if it gets sued by someone, then your personal
possessions won't be available for any of the creditors of the corporation or
LLC. In most cases, creditors will only be able to come after the corporation
for its debts, which can save your house and other personal possessions.
2. If you are organized as a corporation or LLC then it is possible to sell a
share of your business to investors to raise money. Corporations have "shares of
stock" and LLC's often have "membership units" which represent the ownership of
the company and which can be used to attract new capital for start-up costs,
expansion or acquisition of other businesses.
3. There are serious tax benefits to operating as a corporation or LLC,
including enhanced deductibility of certain business expenses that may not be
4. Corporations and LLC's can have an unlimited life and are easily sold and
transferred to heirs. Since they are a separate entity, corporations and LLC's
can survive beyond the life of any individual, which allows it to be passed on
to the owner's heirs after they pass away. They can also be easily sold if the
owners decide to sell the business.
5. Finally, operating as a corporation or LLC adds credibility with your
customers, suppliers, and partners. Having "Inc.," "LLC," or "Co." after the
name of your company shows that you’re serious about your business and have a
high level of professionalism – both good things when you're striving to succeed
with your business!
Convinced? Then read about the process offorming your Virginia corporation orforming your Virginia LLC.
Wondering how to choose between a LLC or corporation for your
business. Read about the
top five differences between Virginia LLC's and Virginia corporations.
Need more specific advice for your situation? Check out
our consultation service where you can discuss
your situation and questions with a licensed Virginia attorney.
Law Office of
Bernard C. Dietz, PC
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writes all my contracts. Bernie keeps me away from bad deals, and he
helps shape every deal so it's profitable... [more]
Nick Corcodilos AskTheHeadhunter.com"
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