Posts

Deadline to File S Corp. Election for 2021 is March 15
February 24, 2021

If you want your small business to be classified for income tax purposes as an S corporation for the 2021 tax year, you have until March 15, 2021, to make an election using IRS Form 2553. By electing S corp. status for your stock corporation…

Ready to “Move” Your Nonprofit to Virginia?
November 20, 2020

As a nonprofit organization evolves and its leadership team changes over time, moving the organization’s legal home from one state to another may be a relevant topic of consideration. In some cases, leadership may decide for one or more reasons…

The Difference Between “Issued and Outstanding” versus “Fully Diluted” Shares
March 02, 2020

The distinction between “issued and outstanding” shares of a corporation as compared to “fully diluted” shares is important when analyzing ownership percentages and the way proceeds would be distributed if the corporation were acquired…

A Quick Intro to Virginia LLCs
June 18, 2019

Most entrepreneurs realize that when starting a new small business, the smart approach is form a business entity through which to conduct the business. While Virginia offers a number of different options, the limited liability company has emerged…

Different Ways of Winding Down a Virginia LLC or Corporation
April 25, 2019

The process of dissolving and terminating a Virginia limited liability company or corporation (each generically referred to in this article as an “entity”) can be a simple process, or it can be a time-consuming and complex process depending…

#RVABizLaw Tip of the Day: Three Ways for an “S” Corp. Owner to Take Money Out of the Company
February 04, 2019

Three Ways for an “S” Corp. Owner to Take Money Out of the Company:  (i) salary for services rendered; (ii) dividends; and (iii) loans.  Setting a “reasonable salary” for yourself that will withstand IRS scrutiny depends on a variety…