Step Two – Legal Structure

Legal StructureHave you decided how to legally structure your business?

You need to decide how you will legally organize your company. Will it be a sole proprietorship, a partnership, a corporation, or a limited liability corporation? There pros and cons to each legal structure which should be evaluated based on your individual circumstance.

How you legally structure your business, what type of business you will have and if you will have employees will all help determine whether you need to apply for a Federal Employer Identification Number (FEIN) and/or a Virginia Tax Identification Number.

I know how I will legally structure my business and have applied for all appropriate identification numbers.

I need guidance on the options for organizing my business and applying for identification numbers.