Definition of Transacting Business
What is the definition of transacting business?
Steps to Start a Business in Virginia
To start any business in Virginia:
- Research your customer and market. Ensure your business name is available.
- An LLC provides liability protection and tax benefits. Consider forming one.
- Register your business with the State Corporation Commission (SCC). Get licenses and permits depending on your business.
- Develop an online presence. Create a website and social media.
- File taxes. Virginia has corporate income tax and sales tax.
Forming a Business in Virginia
If you own an LLC outside of Virginia and want to do business in Virginia, register it as a foreign LLC. Obtain a Certificate of Authority.
Sole proprietorships are privately owned by one person. To protect your personal assets, form an LLC or corporation. Opening a business bank account helps track finances. You may need business insurance. Consider workers’ compensation if you have employees.
Virginia’s diverse economy offers opportunities in technology, agriculture, tourism, and manufacturing. Focus on what you know and what you’re good at. Carefully research state and local laws and regulations for your business. The Virginia state website provides helpful information.
Forming a business in Virginia does not require fees. But an LLC must have a local mailing address. There are no age limits on business ownership. You can form an LLC without legal support. The state aims to have business-friendly regulations and resources for entrepreneurs. Consider all key factors when establishing a Virginia business.