When starting a business in Virginia you can choose from different types of corporate structures, register your business with the state, and get trading. Of course, you can choose any type of business that you wish to start. In Virginia, the service industry is by far the biggest employer and contributor to the economy. However, other arenas such as technology, agriculture, and manufacturing take up a large chunk of the business landscape too. Let’s have a look at what options there are available to you when you start a business in Virginia.
Types Of Business You Can Register
There are two main options for business structure you can form in the state of Virginia. The first is an LLC. Limited Liability Companies are arguably the easiest business structures to form. They do not require specific structures of directors or company officers, so you can structure the business hierarchy however you like. It also gives you the opportunity to pay slightly less in taxes than other forms of business structure. If you are confused, a ZenBusiness guide to forming an LLC in Virginia can help you understand how to structure and set up your LLC.
The other main option is a corporation. Corporations are more traditional business structures, having been around far longer than LLCs. A corporation separates the business from its owners, reducing their liability. To form a corporation, you must follow stricter rules in business structure. There must be a board of directors and a set of registered company officers. It can be quite a complex structure to understand and form but comes with many rewards.
You’ll Need A Name
Obviously, every good company, however they are structured, needs a good name. You should think of a name that shows off your business type and is memorable. To set up a company you will need to choose a name for your business and register it with the Virginia state government. They have a handy tool online to help you search whether your business name has been registered by anyone else, the Virginia Business Entity Database. It’s also worth checking with the US Patent and Trademark Office, especially if you plan on trading nationally.
Business Bank Accounts
To run a business in Virginia, it is recommended that you apply for and use a business bank account. There are many companies in Virginia who offer great business bank accounts for both start-ups and established businesses. The benefit of using a business account – even when just starting out – means you separate your business from yourself, allowing for easy accounting and taxation. You don’t even need to be an established LLC or Corporation to set up a business bank account, so it’s best to get one right away.
Virginia is a great place for business, no matter what the kind. It has a strong GDP and diverse population, so you will almost certainly be able to make a success of whatever business you choose to create in this great state. We wish you luck on your business journey in Virginia.
