Business Entity Formation

When starting a new business, determining the appropriate corporate structure can be a daunting task. Make your first step in the right direction by contacting one of the business attorneys at Lacy, Campbell & Munique, P.C.. Charles C. Lacy or Robert A. Campbell will discuss the various options that are available to you and the pros and cons of each.

Corporations
A corporation is the most common form of business organization. A corporation is a legal entity that is separate and distinct from its owners. A very important feature of a corporation is the limited liability. If a corporation fails, the shareholders lose their investment but are not responsible for the debts of the corporation.

Limited Liability Companies
A Limited Liability Company is a fairly new form of business entity. The advantages of a limited liability company are that the owners have limited liability for the company's debts, much like the shareholders in a corporation. Section 13.1-1019 of the Virginia Limited Liability Company Act states: "No member, manager or other agent of a limited liability company shall have any personal obligation for any liabilities of a limited liability company, whether such liabilities arise in contract, tort or otherwise, solely by reason of being a member, manager or agent."