Whether you are a seasoned business owner or just toying with the idea of starting a new venture, a business lawyer can help you understand the legalities involved and protect your assets. Here are some of the most FAQ about small business law.
Do I need a lawyer to start an LLC in Virginia?
No. But it helps when you are trying to decide what type of business association is best for you and your business.
What does business law cover?
Everything from planning and creating a business entity, executing governance documents (Articles of Incorporation, By-Laws, Resolutions), handling contracts (Services, buy-sell and stockholder agreements, loans, leases, protecting intellectual property, copyright, trademark and information and the like), human resources, and insurance just to name a few.
How do I choose the right business entity?
Factors in choosing the right business entity include: who and how many will own the entity? Do you plan on selling the entity some day? What is the degree of liability related to the services or goods produced? Taxation? And the like.
Can I be my own registered agent in Virginia?
Yes, you can; you can apply on the Virginia State Corporation Commission.
Do I need an operating agreement for my LLC?
It is not required but is recommended.
Does Fairfax, VA require a business license?
Yes, and it must be applied for through the county.
Can you run a business from home in VA?
Yes, in many cases, but not all. It may depend on different factors, such as the type of business, location of where your clients visit, and the like. You should consult with an attorney to determine if your business can be run from home.
How do I protect my business name?
If the name can be legally protected, you would file a trademark registration application with the US Patent and Trademark Office. Note that not all names can be legally protected.
What do I need to consider before seeking investment?
Bringing on investors often involves investor agreements and complying with local state and federal – especially securities – law. Working with investors can be very complicated and should not be done without the advice of counsel.
How do I ensure compliance?
An attorney should be hired to assist you in compliance matters.
What records should I keep?
ALL business records should be maintained. Taxes, payroll, employee manuals, invoices, receipts, checks, everything. The real question is how long? And the answer depends on the record.
For more help with your small business, please contact us today. Our experienced business attorneys are ready to help.