With all the necessary elements needed for a business’ healthy growth, Virginia is a city of choice for budding entrepreneurs. If you are interested in launching your business in Virginia, remember that you should first get small business insurance or start-up funds.
Once you have done that, you can launch your business in Virginia while keeping some essential points in mind.
Getting Started with Your Business
Before launching your business in Virginia, think well about its location. It plays a crucial role in your business’ success. You must consider critical factors like your business partners’ location, target market, and personal preferences.
Make sure you research the local zoning laws and government regulations, as well. After that, you must choose the type of business body. That will determine your taxes and legal protections, and will allow you to name and register your business. Common business structures include S-corporations, C-corporations, LLC, LP, and so on.
Naming and Registering Your Business
Since this can be a challenging task, you can visit the SSC site for help. Over there, check for name availability and book an available name for four months by filing Form SSC631. Select a domain name for your business at GoDaddy.
Similarly, you should do state and federal trademark checking to avoid potential trademark infringement issues. If your business is a partnership or utilizes a distinct name from the owner’s legal name, you must register a fictitious name in your business’ area.
You must then receive a federal EIN from the IRS and get your business registered with Virginia Tax. You might possibly be required to register with the SSC, as well. At virginia.gov, you can find out more about the licenses you need.
If your business belongs to a profession regulated by the Department of Professional and Occupational Regulation, you must receive a business license from the county or city. Also ensure that you meet the required education before launching your business in Virginia.
Opening a Business Bank Account and Getting Business Insurance
Opening a business bank account helps to keep your business and personal funds separate. That will make your small business accounting and tax filing much more straightforward. It will also protect your personal assets from legal risks and help you get business loans more quickly.
Getting business insurance is not mandatory for launching your business in Virginia. However, it will safeguard you, your staff, and your business from potential legal claims. Most companies with staff legally require specific insurances like unemployment insurance, workers compensation insurance, and disability insurance.
Following these steps correctly and taking help from the Virginia Tax and Virginia SCC will help you in successfully launching your business in Virginia. We also recommend consulting an experienced accountant and attorney during each step ahead of your launch.
*This article is posted by and in partnership with Number Squad, a company based in Fairfax, VA, providing bookkeeping and payroll, as well as tax prep for small businesses and owners.