5 Easy Tips for New Virginia Small Businesses

5 Easy Tips for New Virginia Small Businesses Owning your own business is not an easy task. There is so much to do, so much to learn, and so little time; with that in mind, I put together a few simple tips and resources to help you get started with building your dream! 1) Develop a Strategy & Plan of Attack Define your objectives and goals; then develop a strategy and plan of attack to

10 Common Contract Clauses and What They Mean

Have you ever signed a contract without fully understanding it? Does all the legalese begin running together? Better yet, have you ever signed a contract without even reading it?       Well if your answer is yes, you are not alone; I am sure most of us are guilty of doing this at some point. Most people come into contact with some type of contract on a regular basis.  It could be a contract

Forming a Virginia Limited Liability Company (LLC) in 5 Steps

Forming a Virginia Limited Liability Company (LLC) in 5 Steps 1. Select a Name for your Limited Liability Company (LLC) The first thing you need to do to start the process to formally set up a Limited Liability Company (LLC) is to pick a name. The name must be distinguishable from other business entity names, either active (excluding general partnerships), designated, registered, or reserved for use by another business entity in the Virginia State Corporation

12 Things to Consider When Drafting NDA’s

A Non-Disclosure Agreement or NDA is a contractual agreement between the Discloser (the party sharing the information) and the Receiver (the party receiving the information) to share information for a specific purpose with a promise not to disclose or use the information outside of the bounds of what is permitted under the agreement. Here are 12 things to consider when drafting NDAs: 1. Writing – A non-disclosure agreement (NDA) is a contract and it should

Characteristics of Business Entities

Selecting the right structure for your business is one of the most important decisions you will make.  Here is a list of some of the characteristics of the main business entities. Sole proprietorship A sole proprietorship is a business made up of one individual, the sole proprietor No formal filing requirements in Virginia Sole proprietor is personally liable for all businesses debts, obligations, and liabilities Business income is filed on sole proprietor’s personal tax return