Today you should complete your investigation into legal business entities in Virginia and have your circle leader email me your presentation by the end of the class.

While you continue to work on your investigation into legal entity types, I wanted to share a few of the exemplary business model canvas submissions I've received.

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Working in your circles, investigate the different types of businesses that are recognized in the state of Virginia.

Prepare a presentation that answers the following questions.

1. What is the organization in Virginia through which businesses are registered?
2. What are the different types of businesses that can be formed?
3. Do all of these types require registration?
4. What is a Professional LLC or Professional Corporation, and why does Virginia require a separate classification for these?
5. What are the specific filing forms and fees for the most common entities?
6. How does a Foreign entity register to do business in Virginia? What's the difference between forming a new Virginia entity and registering an out-of-state entity?
7. For each entity type, who is personally liable for business debts?
8. In a Limited Partnership, what is the fundamental trade-off between the General Partner and the Limited Partner regarding control and liability?
9. What is the default tax classification for a single-member LLC versus a multi-member LLC?
10. How does pass-through taxation differs from C-Corporation double taxation?
11. What is the Elective Pass-Through Entity Tax (PTET) recently made permanent in Virginia, and why might an LLC or Partnership choose to pay it?
12. What ongoing annual reports or fees does the SCC require to keep an entity in good standing?
13. If a startup plans to seek venture capital and eventually go public, which entity is likely the best fit, and why?
14. If a solo consultant wants minimal paperwork and maximum flexibility, which entity makes the most sense?
15. Under what circumstances might a business choose to convert from an LLC to a Corporation later?

Resources

• Virginia SCC website
• Virginia Tax website