CHOOSE YOUR BUSINESS STRUCTURE
A Sole Proprietorship is the simplest and most common structure. It is owned and run by only one individual. As the owner, you are entitled to all profits and are responsible for all your business’s debts, losses and liabilities.
A Partnership exists between two or more persons who join together to carry on a trade or a business. Each individual contributes money, property, labor or skill and expects to share in the profits and losses of the business.
Corporations handle the responsibilities of the business. The corporate structure is more complex than other business structures. It requires complying with more regulations and tax requirements and usually requires more tax preparation services than either a sole proprietorship or partnership. Articles of Incorporation must be filed with the State Corporation Commission, www.scc.virginia.gov, and fees must be paid to register the corporation.
Limited Liability Companies (LLC)
Limited Liability Company owners, known as members, have "limited liability," meaning that, under most circumstances, they are not personally liable for the debts and liabilities of the LLC. To form an LLC, a member must file Articles of Organization with the State Corporation Commission, www.scc.virginia.gov.
Your Business Plan should tell the story of your business. In short it is the who, what, when where, how and why of your business.
The following components should be part of your Business Plan.
Business Description & Vision
Products and Services
Executive Summary: Should be written last, should provide a snapshot of your business by explain who you are, what you do and why you do it, should be less than 2 pages.
Prior to applying for a business license you must obtain zoning approval, register your business with the Clerk or Circuit Court or State Corporation Commission and obtain a Federal and State Identification Number. In addition, if you will be selling food or beverages you must obtain approval from the Gloucester County Health Department.
In accordance with the Virginia Code and Gloucester County Code all businesses must renew their license and remit payment on or before March 1st of each year.