One of the first questions many new business owners located in Virginia ask is: “Should I form my LLC in Delaware, Wyoming, or Nevada instead of Virginia?” My answer surprises many people. If your business is located in Virginia, the best place to form your LLC is almost always Virginia. That advice may not be as exciting as the conventional wisdom about “asset protection,” “privacy,” or “tax savings,” in those other states, but for most Virginia entrepreneurs it is the right

The Virginia Limited Liability Company Act does not require a Virginia limited liability company to adopt a written Operating Agreement. In fact, many LLCs are formed every year without one. But just because the law does not require an Operating Agreement does not mean your business should operate without one. What Is an Operating Agreement? An Operating Agreement is the contract among the owners of an LLC that establishes the rules governing the business’s ownership and oper

Today, if someone starts a small business in Virginia, there is a good chance the business will be organized as a limited liability company, or LLC. The LLC is a relatively recent invention. Virginia didn’t authorize LLCs until 1991. Understanding the history and basic characteristics of a Virginia LLC helps business owners decide on using an LLC and designing the business relationship among LLC owners. Business Owners Wanted Better Choices Before LLCs existed, most closely h

Every business relationship is unique. Your Operating Agreement should reflect the relationship you and your business partners have intentionally designed.

The Issue : Off-the-shelf Operating Agreements don't contain provisions to help resolve three common challenges. Owners will spend a lot...

You may hear and see a lot of trendy advice about creating your LLC or corporation in a state where your business is not located, like...

I serve as a Registered Agent for many Virginia limited liability companies and corporations. I'm often asked the following questions...

If your LLC or corporation has two or more owners, you can get stuck (deadlocked) on making a decision or taking action if no one has...

Have you set up your company to qualify for a special status, such as a women-, veteran-, or minority-owned business? If so, do your...

You may have a great idea for a new business. Where did that idea come from? Is it related to your current employment? If so, do you have...

I help people start and run gig economy businesses. A gig economy business is different than a gig economy worker. A gig economy worker...

I help people start and run independent contracting, consulting, and freelance businesses. I published a new book this week that teaches...

An LLC is a great tool for shielding your personal assets from your business liabilities, but it won't protect you from everything. It...

A limited liability company (LLC) should be the default choice when you are thinking about starting a business, entering a joint venture,...

Five concerns startup businesses have: (1) Protecting personal assets, (2) Protecting and retaining your "toolkit," (3) Transferring ownership of work product, (4) Getting paid, and (5) Resolving client disputes.

If a company founder creates intellectual property ("IP") before forming an LLC or corporation, how does the LLC or corporation become...

Economic Downturns: Questions I saw my small business clients ask

One of my most successful clients recently reminded me that he started his consulting business during the 2008 recession when no one was...

Knowing which type of entrepreneur you are is one of the first steps to identifying the types of legal issues you will encounter in your business.

Improve the efficiency and speed of your lawyer's creation of your Virginia LLC or corporation by being prepared to provide the following information during your initial phone or in-person consultation: