We like to help new businesses set up their initial structure, and we also enjoy guiding existing businesses through the various stages of growth and succession they may experience. A pro tip: When you set up a new business, you first need to figure out which entity is right for you. Much of your choice depends on your objectives, how large you want to grow, tax structure, regulatory compliance and liability protection. There are various business entities to consider, including:

• Limited Liability Company – Single Member.
• Limited Liability Company – Multi-Member.
• Corporation (S and C).
• Professional Corporations and Professional Limited Liability Companies.
• Partnerships, including Registered Limited Liability Partnerships.

You also need to consider where you want to incorporate or file your initial formation documents. Folks often ask me if Virginia is a pro-business state. My answer will depend on where the founders live as well as the product or service. In general, I often will dissuade folks from making a knee-jerk run to Delaware. Virginia’s taxes rank 26th overall on Tax Foundation, with our rather high sales tax driving us down the rankings scale. That said, I still recommend incorporating or organizing where the founders live and work.