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Virginia Business Formation Questions & Answers
1 Answer | Asked in Business Formation and Business Law for Virginia on
Q: Forming solo proprietorship

I'm looking to start freelance software development part time - I was interested in setting up a solo proprietorship since the work I'll be doing will have no liability and won't benefit from an LLC. I wanted to find out what business licenses\tax forms I would need to apply for.

Sean R Hanover
Sean R Hanover
answered on Jul 11, 2017

I would disagree with your statement about needing to incorporate (or, as you stated, form an LLC). Liability is not just limited to exposure from a potential client. You should definitely speak with a lawyer prior to make any final decision. Taxes are at the (1) federal level (EIN), (2) state... View More

1 Answer | Asked in Business Formation for Virginia on
Q: My 2 sons and I wish to purchase land for hunting and possibly putting a small retreat home on. Should we form an LLC?

We will be equal owners of the property and want to ensure that the land is not split up and kept in the "Family". Should we form an LLC since we will share the payment load or some other partnership? Should we get pre-approved for the loan first or should we wait till we form the LLC... View More

Terrence H Thorgaard
Terrence H Thorgaard
answered on Sep 17, 2015

It is an interesting way to avoid the problems, down through the generations, which are likely to happen with simply being co-owners. I suggest that you get an attorney to draft the operating agreement, being sure to address concerns as:

1) how the LLC is to be wound-up and the property...
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1 Answer | Asked in Business Formation for Virginia on
Q: How do my partner and I, living in different states, file a partnership LLC?

My partner and I live in different states; one in Virginia, one in Texas. We each currently have our own local businesses that we'd like to maintain, however, for national/global work we are interested in partnering and creating a single business under which we can do this work. What is the... View More

Adam Studnicki
Adam Studnicki
answered on Aug 11, 2015

Best to consult with a local business lawyer who can advise based on your specific goals, business arrangement, financial situation and tax circumstances.

Please Take Notice: I am not your lawyer unless we enter into an engagement agreement in writing. This is general information that is...
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1 Answer | Asked in Business Formation for Virginia on
Q: How can a Virginia LLC (sole prop.) convert to a corporation with 4 family member board with shares distributed equally?
Howard Berkson
Howard Berkson
answered on Nov 22, 2013

Talk to an attorney about the best way to do that: there are multiple options, depending on what you are trying to accomplish other than a "simple" change of form. Make sure you talk to your attorney about how your operating agreement and bylaws may need to change as you move to... View More

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