Business & Corporate Law
Business Organization and Corporate Law Considerations
Successfully running a Virginia business in the 21st century requires different skills than it did even twenty years ago. One of those skills is having a trusted advisor… someone you can rely on and confide in; someone you can discuss ideas with and get feedback from; someone who understands the pressures and challenges of running a business and someone who believes you can successfully run a business and keep your sanity. This is the type of business law I practice here in Hanover, VA.
If you’re a business owner or manager and you’re interested in building a long term collaborative relationship please call my office to schedule a free coffee meeting where we can get to know one another and explore whether working with one another will be mutually beneficial. Our office is located in Hanover, VA, and we serve business owners and families in Mechanicsville, Richmond, Caroline County, Hanover, Henrico and the surrounding area.
Which entity should you use to run your business?
You have several choices: you can form a corporation; form a limited liability company; form a partnership or operate as a sole proprietor. One of the most important considerations is liability protection. Limited liability companies, corporations and being a limited partner offer liability protection. On the other hand operating as a sole proprietor offers no liability protection. For example, if you have a landscaping business in say Mechanicsville that you operate as a sole proprietor and you hit someone with one of your vehicles your personal assets could be used to pay any judgment resulting from the accident.
In the same example, if you operated as a limited liability company, corporation or as a limited partner your personal assets would generally not be available to creditors. Other factors to consider when determining which entity to use include but are not limited to whether you’re going to have investors; whether you’re going to have partners as well as tax considerations. For more information about entity formation please call my Hanover, VA office for a free business consultation.
John Cancelleri, PC
100 Arbor Oak Drive, Suite 307
Ashland, VA 23005