Virginia adopted the Virginia Limited Liability Company Act in 1991, and LLCs have quickly emerged as the most popular business entity in Virginia. According to 2010 SCC statistics, new LLCs outnumber new corporations by more than a 2 to 1 margin.
Limited liability companies offer some of the best features of limited partnerships and corporations:
- Limited liability protection
- Pass-through tax treatment (unless the owners elect to be taxed as a “C” corporation)
- Less paper work and fewer entity formalities to worry about
- Lots of flexibility to structure management, operations and economics
While the LLC is not the best choice in every situation, it is easy to see why it has become a very popular choice of entity for many entrepreneurs, professionals, business owners, and investors. Click here to to see what Perkins Law’s LLC startup package includes.