How would one form an LLC in Virginia?

Where can someone find information about how to form an LLC?

A person can find out how to form an LLC in many ways. There are guides and resources for learning about LLC's and how to start one. Some informative places are Nolo, WSJ, Legal Zoom and Corpnet.

Where can I download a llc form?

You can download a LLC form online but it depends on the state you live in. One website that lists forms for all states is http://www.businessnation.com/legalforms/llcformation.htm.

How can you incorporate yourself as an LLC?

To incorporate one's business as an LLC, one would have to file for a licence to do so. The licence is around $50 to apply for and is good for one year. LLC stands for limited liability company.

When a company files as an LLC on a W9 form what would be the appropriate circumstance in which a disregarded entity would be chosen as the tax classification?

A disregarded LLC is one that is a single member LLC or Foreign LLC with a domestic owner that qualifies under Statute 30.7701-3 For an LLC that is disregarded as an entity separate from its owner, you must show the owner's name on the first name line. On the second name line, you may enter the LLC's name. Use the owner's TIN. Do not enter the disregarded entity's EIN.

Do you have to file a separate federal or state tax return for an LLC?

It depends on how you have elected your LLC to be taxed. An LLC does not have its own tax return per se; it is taxed as either a sole proprietor, a partnership, or a corporation. If you have not made any election on how you want the LLC to be taxed, there are default rules: A Single-Member LLC (one owner): by default, is taxed as a sole proprietorship. In this case, the LLC would not have its own tax return -- its income and expenses would be reported on Schedule C of the owner's individual tax return (Form 1040). A Multi-Member LLC (more than one owner): by default, is taxed as a partnership. If this is the case, the LLC will file Form 1065 Partnership tax return. If the LLC does not want to fall into one of these two default classifications, they can also elect to be taxed as a corporation by filing Form 8832 "Entity Classification Election" with the IRS. If the LLC does this, they will file a corporate income tax return, Form 1120. The LLC can also elect to be taxed as a Subchapter-S Corporation by filing Form 2553 "Election by a Small Business Corporation" with the IRS. If the LLC does this, they will file an S-Corporation tax return, Form 1120-S. Most states do not require you to make an election on how you will be taxed, they simply say that they will follow whatever election that you make with the IRS. So, the first step is to determine which form you are required to file with the IRS and then you should do the same with the State. If you have not already done so, it would probably be wise for you to sit down with an Attorney or Accountant who can explain the pros and cons of each of these choices. Each tax structure has subtle differences and one may be preferable for you over the others.

How does personal bankruptcy affect your LLC?

A LLC is considered one of your assets. The LLC protects you from liabilities it assumes, but it doesn't protect the LLC from your liabilities. Therefore, if you declare bankruptcy, you could possibly lose your share of an LLC. At best, it would be difficult for you to get credit for the LLC, since the individual generally has to secure credit for the LLC.

Is forming a llc considered difficult?

"Forming a limited liability company or llc for short, is not that difficult. However one must fulfill the criteria and steps which are needed to form an llc. First one must choose a name for their business which hasn't already been issued, then you would file the necessary paper which can cost anywhere from $100-$800. Secondly make a llc operating agreement and depending on where one lives you may need to declare your intentions on forming a llc. Lastly attain any permits or licenses which are needed."

Can an LLC be a partner in another LLC?

Yes, an LLC can be a partner in another LLC. This is known as a multi-member LLC structure, where one LLC is a member or partner in another LLC.

Is there any basic educational qualification requirement to Form LLC?

No, there are no educational qualification requirement to form a LLC. However, you might consider reading up on the details of what it is and see if you can go to a good attorney firm before establishing one.

What is one example of a known limited liability company?

Any company with Limited, Ltd. or LLC attached to their name would be a limited liability company. Company's such as Natureworks LLC and The Markets LLC are examples.

Can an LLC have only one member?

Yes, an LLC can have only one member.

Where can one find information on forming an LLC?

One can find information on how to form an LLC from numerous websites. Some of these sites include HowToFormAnLLC, eHow, IRS, and NOLO. One could also contact a financial advisor and ask them for advice.

How would one form an LLC in Virginia?

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