Law Office of
Richard L. Downey
Super Lawyers
The top Attorneys in Virginia and
the Washington, D.C. metropolitan
area, only 5% of the attorneys
in the state are named in SuperLawyers
ATA NBTA | The National Board of Trial Advocacy Association of Trial Lawyers of America Virginia Trial Lawyers Association

Business Formation & Planning Archives

Formation of an LLC and tax implications

Virginia residents thinking about new business ventures may wonder about the impact of the form that they choose on their personal finances. During business formation, establishing a separate entity may be important to ensure that one's personal financial life is separated from a business. An LLC allows this separation to occur so that personal assets can be protected. However, it is important to note that the IRS doesn't have separate tax returns for this type of business designation. Instead, an LLC may be treated as a sole proprietorship, a partnership or as an S or C corporation. At the state level, there may be forms to file.

FN Manufacturing and FNH USA to merge

FNH USA, a Virginia company, will be merging with FN Manufacturing to create a new entity known as FN America. This should end some of the confusion that has existed about the two separate companies and their names. The planned merger was announced May 6 by the chief executive officer of Herstal Group, the Belgium company that owns the American side of Fabrique Nationale. Although the two companies will now be merged into one, their production side will remain in Columbia, South Carolina, and their business and management side will remain in McLean, Virginia.

Virginia businesses have a choice of structures

Businesses frequently find themselves in a situation where they need to add partners. Sometimes it is because the prospective partner brings a particular skill set. At other times, partners are needed who will invest funds into the business. When a business is considering the addition of partners, it is extremely important to have the right business structure in place.

To stay successful, a pivot may be required

Virginia business owners may be interested in knowing what to do if they need to change the direction of their businesses. Sometimes a business may start out strong, but over time, with gained experience and changing market conditions, it may be necessary to adjust or lean the business in a slightly different direction in order to stay successful.

Virginia governor's race may be affected by green tech fallout

Virginia voters may have to consider an extra wrinkle in the state's gubernatorial race, as a green auto manufacturing firm scaled back production plans. Terry McAuliffe is running for governor in Virginia, but the Mississippi auto plant's business formation was followed only by disappointments. McAuliffe was chairman of the firm when it received a donation of 100 acres worth $1.8 million by a Mississippi development foundation, as well as a $3 million loan for site preparation from the state.

Forming an intellectual property plan

As people in Virginia know, for thousands of years, business leverage has been based on brute strength as well as the quantity and quality of available raw materials. Human muscle power built the pyramids of Egypt and Roman aqueducts. Oxen and draft horses towed barges and moved mills. With the Industrial Revolution machines started doing the work, but the game was still mostly about size, power and strength. The company with the biggest factories and quickest ships usually won.

New jobs to be created by lozenge company

A new lozenge company will open distribution operations and headquarters in Danville, Virginia, a move that is expected to create about 150 jobs over the next three years. The business formation by AllergEase is predicted to ease unemployment in both Guilford and Rockingham County, where the unemployment rate is currently 11.3 percent.

DISCLAIMER: This website is designed to provide only general information; nothing contained herein constitutes legal advice nor is it an offer of legal representation. Use of this website is not intended in any way to create or convey the impression that such use of the website by any person, organization, or entity of any nature and/or kind constitutes any attorney-client relationship whatsoever and any information provided in this website shall not constitute legal advice. The use of any electronic communication available through this website with the Law Office of Richard L. Downey or any person associated with this website shall not constitute attorney-client relationship nor will any communication received by the Law Office of Richard L. Downey constitute an attorney-client communication. The Law Office of Richard L. Downey cannot make any guarantees as to the accuracy or currency of any information contained in or created in this website or the use of any link to another website contained in this website. The information that you obtain at this website is not, nor is it intended to be legal advice. You should consult a lawyer for individual advice concerning your own particular situation.

*The National Board of Trial Advocacy is accredited by the American Bar Association. Currently there is no procedure in the Commonwealth of Virginia for approving certifying organizations.