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Virginia Biz Law Blog

It’s that time of year…

Posted by Bernard Dietz | Mar 05, 2014 | 0 Comments

If your company has made the S corp. tax election then it's that important time of year: the deadline for filing your annual 1120S tax return with the IRS is fast approaching.  This S corp. tax return is due by March 15th each year (for 2014, it's due March 17th because March 15th is a Saturday)....

The only number that really matters

Posted by Bernard Dietz | Feb 13, 2014 | 0 Comments

When you're operating your business there's almost a limitless amount of different numbers, ratios, percentages, and measurements available to you (assuming you keep good books and records, which you should of course).  Gross revenue, net revenue, total costs, percentage annual growth, total numb...

Independent Contractor versus employee? How do I decide?

Posted by Bernard Dietz | Feb 05, 2014 | 0 Comments

When you hire someone to help you with your business, they are classified as either an “employee” or an “independent contractor” for tax purposes.  Knowing which classification applies is important to you because it lets you know what taxes to withhold, if any, and what tax forms to file. From yo...

Options for managing your LLC on a day to day basis

Posted by Bernard Dietz | Jan 18, 2014 | 0 Comments

One of the nice things about a Virginia LLC is that it is completely flexible in how you set it up.  Unlike a corporation that has a more historical and set way of doing things, the sky is really the limit with your LLC.  So with a little advance thought and planning, you can arrange your Operati...

Can a Virginia benefit corporation be tax exempt?

Posted by Bernard Dietz | Jan 14, 2014 | 0 Comments

The short answer: No.  A benefit corporation, like a normal stock corporation, cannot have tax exempt status because it has owners (aka shareholders) and because it uses the majority of its profits to benefit those owners.  For those reasons, a benefit corporation will not be approved as a 501(c)...

Buying or selling a Virginia business

Posted by Bernard Dietz | Jan 21, 2009 | 0 Comments

I have added a section to my web site regarding buying and selling Virginia businesses.  I have handled many transactions for clients on both sides and thought it would be helpful to lay out the process.  There are five basic steps whether you are buying a Virginia business or selling one.  The ...

Significance of non-profits in Virginia economy

Posted by Bernard Dietz | Sep 05, 2008 | 0 Comments

Have you ever wondered how many non-profit organizations there are in Virginia or how many people in Virginia are involved in non-profits?  An interesting article today in the Richmond Times-Dispatch shares some statistics on this subject.  Some of the highlights (from a study using data from 200...

Federal Minimum Wage goes to $6.55 per hour today

Posted by Bernard Dietz | Jul 24, 2008 | 0 Comments

If you have employees that earn the minimum wage, their hourly wage went up today to $6.55 per hour.  Previously, the minimum wage under federal law was $5.85 per hour.  Effective today, July 24, 2008, it has been raised to $6.55 per hour and you should adjust your payroll accordingly.  It is als...

Tax Changes for 2008

Posted by Bernard Dietz | Jan 19, 2008 | 0 Comments

Now that we're into 2008, business owners should be aware of several tax changes for the new year that will affect your finances when it comes time to file your 2008 taxes.  the social security taxable wage base is now $102,000 (versus $97,500 for 2007) the maximum deductible limit for IRA'...

Top 5 Commercial Lease Negotiation Mistakes

Posted by Bernard Dietz | Nov 07, 2007 | 0 Comments

I have previously provided my Top 5 Secrets Landlords Don't Want You to Know list and thought I would provide another Top 5 list of the biggest mistake I see potential tenants make when they're trying to find space for their business.  If you can avoid some or all of these mistakes, you'll be way...

Starting a business – the right order of things

Posted by Bernard Dietz | Aug 14, 2007 | 0 Comments

One question I get a lot is: "what is the correct order of things to do when starting a new business?"  While there is no perfect one-size-fits-all answer, there is a generally accepted way of doing things.  Here is the order that I typically recommend: Form your LLC or corporation.  The reas...

Shutting Down a Business – How?

Posted by Bernard Dietz | Jul 13, 2007 | 0 Comments

I have discussed how to form a Virginia LLC and Virginia corporation before, which is definitely a hot topic.  But I also get questions from company owners regarding how to properly "shut down" or dissolve their limited liability company or corporation. The process is similar for both types of en...

Forbes Ranks Virginia #1 for Business

Posted by Bernard Dietz | Jul 12, 2007 | 0 Comments

Forbes Magazine's latest issue proclaims Virginia as the #1 state for businesses for the second year in a row.  The article states that Virginia finished in the top 10 in four of the six main categories that Forbes tracks, with a pro-business regulatory environment, strong labor conditions, great...

Can you convert a Virginia corporation to a Virginia LLC?

Posted by Bernard Dietz | Jun 11, 2007 | 0 Comments

Every once in a while I am asked questions regarding the possiblity of converting a Virginia corporation to a Virginia LLC.  Corporate owners sometimes want the benefit of the relaxed requirements of operating an LLC (no required annual meetings, no required annual report, less expensive SCC rene...

Franchise Registration States

Posted by Bernard Dietz | Jun 07, 2007 | 0 Comments

I have mentioned before that certain States require "pre-approval" or registration of franchises before sales are allowed to residents of those States.  So, which States are "registration" States? Here's the list of the fifteen States that require franchise registration: California Hawaii ...

Expedited service from the State Corporation Commission

Posted by Bernard Dietz | Jun 07, 2007 | 0 Comments

Are you in a rush to have your Virginia LLC or Virginia corporation approved or to receive approval to transact business in Virginia?  The typical processing time at the State Corporation Commission is 17-21 days, which may be too long when you have a contract awaiting signature or an opportunity...

Who may elect S corp. tax treatment?

Posted by Bernard Dietz | Jun 06, 2007 | 0 Comments

Following up on this post regarding different forms of tax treatment for LLC's, I thought it would be helpful to briefly discuss who can elect S corp taxt treatment.  Because of all of the benefits of S corp tax treatment for Virginia LLC's and Virginia corporations, the IRS has certain rules reg...

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