Virginia Business Formation & Succession Attorneys

Also Serving Washington, D.C.

Business law entails advising the client on the creation, management, and eventual sale or succession of a business. The law firm of J.S. Burton, P.L.C. assists entrepreneurs by forming the proper corporate entity to achieve their dreams. 

Our firm represents small to medium-sized businesses with: 

• Asset purchases
• Stock company sales
• Employment and consulting arrangements
• Buy-sell contracts
• Shareholder agreements

Get comprehensive legal guidance from a business formation and succession planning attorney in Virginia that you can trust. Call (888) 885-9001or contact us promptlyto schedule your consultation.

Legal Steps to Start Your Business in Virginia

The legal requirements for starting a business in Virginia include:

• Business Entity Selection: Choose the appropriate legal structure for your business, such as sole proprietorship, partnership, limited liability company (LLC), or corporation. Each structure has different legal obligations and benefits.
• Business Name Registration: Select a unique name for your business and register it with the Virginia State Corporation Commission (SCC) to ensure its availability and compliance with state regulations.
• Obtain Necessary Licenses and Permits: Depending on the nature of your business, you may need specific licenses or permits. Contact Virginia Business One Stop or visit their website to determine the required licenses and permits for your industry.
• Federal Employer Identification Number (EIN): If your business has employees or operates as a corporation or partnership, you will need to obtain an EIN from the Internal Revenue Service (IRS) for tax purposes.
• Register for State Taxes: Register with the Virginia Department of Taxation to fulfill your state tax obligations, such as sales tax, income tax, and employer withholding taxes.
• Business Insurance: Consider obtaining appropriate insurance coverage for your business, such as general liability insurance, professional liability insurance, or workers' compensation insurance.
• Compliance with Employment Laws: Understand and comply with federal and state employment laws, including regulations related to minimum wage, overtime, workplace safety, and anti-discrimination laws.
• Local Regulations: Check with the local county or city government for any additional permits, zoning restrictions, or local business requirements that may apply.

It is essential to consult with a business planning attorney to ensure compliance with all legal requirements and regulations specific to your business.

Comprehensive Business Creation and Succession Planning

Business Creation and Succession Planning Involves Balancing the Business Needs of the Present While Focusing on Effective Wealth Transfer By:

• Creating a Business Entity that is Uniquely Tailored to the Client's Goals and Dreams
  • Creation of Limited Liability Companies (LLCs)
  • Corporations (S Corps and C Corps)
  • Non-profit Corporations and Foundations
  • Partnerships
  • Limited Family Partnerships 
• Analyzing Business and Estate Planning Data in Conjunction with Other Advisors
• Developing Business Tax Strategies
• Ensure Successful Implementation of the Final Plan
• Business Equity Stripping & Re-Organization

Succession Planning for Virginia Business Owners

Thoughtful succession planning helps Virginia business owners decide who will manage and own the company when they retire, become disabled, or pass away. This planning is especially important for closely held and family-owned businesses that want to preserve continuity, protect employees, and maintain relationships with customers and vendors. A well-designed plan coordinates business governance documents with personal estate planning so there are no gaps or conflicts when a transition occurs.

An experienced succession planning attorney in Virginia, whom business owners can turn to, will review your existing operating agreements, bylaws, and shareholder arrangements to identify where additional provisions are needed. For example, buyout terms, voting rights, and decision-making authority can be clarified to limit disputes in the Virginia state courts if a disagreement arises among owners. We also work with your tax and financial advisors to consider how different succession options, such as gradual gifting, sales to key employees, or transfers to family trusts, may affect your long-term financial goals.

Many owners in regions such as Virginia Beach, Williamsburg, and McLean want to keep the business in the family but are unsure which child or relative is best suited to lead. In these situations, we help you evaluate practical leadership options, set realistic timelines for transitions, and create written guidelines that define roles for active and inactive family members. By documenting these decisions in coordinated legal instruments, you reduce the risk of future conflict and give your successors a clear roadmap for working together.

Asset Protection Strategies for Virginia Businesses

In today's litigious world, you've never faced a greater threat from predators who will try to use the legal system to deprive you of your life's work. These legal battles can be devastating and, even if you prevail, can cost you everything you've taken a lifetime to build. J.S. Burton can help with strategies for safeguarding your business assets.

Maximize Asset Protection with Business Trusts

Holding real estate in a business trust can provide optimal asset protection for multiple properties under ONE document. Generally, the document is comprised of separate and distinct "series" or "classes" of ownership interests. Each series is like a sub-trust within the trust, and each holds the separate assets and liabilities assigned to that series. The key advantage of this structure is that liability is "quarantined" from the assets in the other series and from the trust as a whole. This means that any claims that arise from the ownership of an individual property (e.g, a tenant suing you as the landlord) cannot normally be satisfied from assets outside that series. Properly structured, a single legal entity holds multiple properties, each protected from liability as though each property were held in its own, individual legal entity. The Business Trust essentially does away with the need to form numerous limited liability companies to protect more than one piece of real estate.

Creating Effective Buy-Sell Agreements for Business Continuity

A “buy-sell” agreement is perhaps the most important document in outlining the relative roles and rights of business partners, ensuring smooth relations over a long period of time and attempting to maximize long-term personal and business planning strategies. A buy-sell agreement is a contractual agreement between the owners of the business, intended to protect the business, which outlines the measures to be taken in the event that one of them dies or there are other changes or desired changes in ownership of the business.

Buy-sell agreements are frequently discussed in the context of a corporation. However, they are equally important and applicable to other forms of business enterprises, such as limited liability companies and partnerships.

LLC Creation in Virginia Beach: Navigating Local Business Requirements

Starting an LLC in Virginia Beach comes with its unique set of challenges and opportunities. As a vibrant coastal city, Virginia Beach offers a thriving business environment but also requires adherence to specific local regulations. Understanding these local nuances is crucial for your business success.

When forming an LLC in Virginia Beach, it's essential to register your business with the Virginia State Corporation Commission (SCC) and ensure compliance with local zoning laws and business permits. The Virginia Beach Department of Economic Development provides valuable resources and guidance for new businesses, helping you navigate the local landscape.

One common pain point for entrepreneurs in Virginia Beach is understanding the local tax obligations. Registering with the Virginia Department of Taxation is a must, but you also need to be aware of local taxes, such as the Business, Professional, and Occupational License (BPOL) tax, which is specific to Virginia Beach. This tax can impact your business's bottom line, so proper planning and consultation with a business attorney are advisable.

Another critical aspect is securing the necessary business insurance. Given Virginia Beach's coastal location, businesses may need additional coverage for natural disasters like hurricanes. General liability insurance, professional liability insurance, and workers' compensation insurance are essential to protect your business from unforeseen events.

At J. S. Burton, P.L.C., we understand the intricacies of starting and running a business in Virginia Beach. Our team is well-versed in local regulations and can help you navigate the complexities of LLC creation, ensuring your business is set up for success. Whether you're dealing with local zoning laws, tax obligations, or insurance requirements, we are here to guide you every step of the way. 

Limited Liability Companies

A Limited Liability Company is an entity formed by one or more persons for a business purpose. Tax-advantaged status and liability protection are the hallmarks of this legal tool.  Additionally, LLCs are well-suited to hold and protect real estate.

Contact the Virginia Beach, Virginia, law firm for comprehensive legal assistance with your business law matter.  

J.S. Burton has extensive legal and consulting experience. Below are just some examples of the work the firm has engaged in:

• Created and advised on a start-up company that provides networking and I.T. services for a major tourist destination;
• Represented a medium-sized, local optometrist and ophthalmologist corporation concerning asset purchase, consulting, and buy-sell agreements;
• Handled the sale of three national ice cream franchises situated in the Hampton Roads area;
• Counseled the seller of a major audiology company involving the sale and transfer of stock to a new owner and shareholder;
• Advised the buyer and structured the purchase of two nationally known restaurant franchises;
• Successfully represented the structured sale of a long-standing construction company from one shareholder to another.
• Formed a limited liability company and related employment agreements for a national uniform supply corporation; 
  Represented a national advertising and public relations firm on various restructuring matters;
• Obtained a protected legal trademark for a logo used by a clothing company, which has current contracts with various national surf shop outlets and professional athletes. 

The law firm of J.S. Burton, P.L.C. assists entrepreneurs by forming the proper corporate entity to achieve their dreams.  Get Started with Your LLC Today– Contact Us!

Contact the attorneys of J.S. Burton, P.L.C.at (888) 885-9001for a consultation today.