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Virginia Business License

Date: 03/09/2019 | Category: | Author: Jakub Vele

Virginia Business License

The state of Virginia requires businesses to not only register but also acquire a business license in order to become operational. The question is – do all businesses require licenses? Most businesses require some kind of license or permit and then there are businesses that will require more than a single license or permit or a combination of both. These permits or licenses are issued by different state government agencies and local bodies depending on the type of business activity and location. Let’s look at an example:

Certain permits especially those related to environmental regulations are issued by the state Department of Environmental Quality while other Virginia company license are issued locally like the City of Norfolk or the City of Virginia Beach like businesses in the following industries will require a license or permit to operate:

  • Contracting
  • General Services
  • Professional Services
  • Financial or Real Estate Services
  • Retail Merchant or Wholesale Merchant

Step-by-Step Guide to a Business License in Virginia

How do you really obtain a business license in Virginia? Which business entities require a license and who requires permits? Who is the issuing authority for these licenses? Here is a step-by-step approach towards acquiring licenses or permit in the state:

Step#1: The Industry or Business Type

The type of industry or the activities of a business entity helps in identifying the type of business license required.

Let us take a look at some examples to understand this better:

Food Services

Food services business license or permit is required for businesses that are operating in Virginia. The type of license or permit required will depend on the following:

  • Full Service
  • Fast Food
  • Take-out
  • Caterer
  • Hospital
  • School
  • Concession
  • Other types of food service

In the state of Virginia, food service establishment require a permit to operate. Apart from the permit, you need to ensure the following are in order:

  • Building Permits
  • VDH Permit
  • Approved VDH Plan Review
  • Approved equipment, supplies, food sources and signage
  • Food Training

Note: Food services establishment license or permit is also issued by City or County your establishment is based in.

  • Fees: The fee varies according to the type of business activity.
  • Application: License Application
  • Issuance: License is issued by Virginia Department of Health

Liquor License

If you are planning to serve liquor in a restaurant or are planning to manufacture, import, export, store, sell and transport alcoholic beverages, then you will require a business license in Virginia. The licenses are categorized under:

  • Banquet Licenses
  • Retail Licenses
  • Industry Licenses
  • Permits
  • Specialized Retail Licenses
  • Fee: The fee for acquiring a liquor license will depend on the category of liquor business like the Annual license fee for Banquet license is $190 (Wine and beer on premises) and $500 for mixed beverages on premises. Similarly, the fee for On-Premise Retail License is nonrefundable $195 and an extra fee for type of liquor like $145 for beer and $560 for Restaurant with a seating capacity of 1–100.
  • Application: Retail License Application
  • Issuance: License is issued by Virginia Alcoholic Beverage Control Authority

Step#2: Licenses issued by City/County

If your business or industry type doesn’t fall under a statewide license project then you will have to check with the local city or county office. A Virginia company license can also be issued by local counties or cities in which the business is located. Let’s look at an example to understand how this works.

If you form a business in Arlington County then a company license will be issued for the following:

  • Food Establishments
  • Temporary Food Establishments
  • Mobile Food Units
  • Farmers Markets
  • Water Recreation Facilities
  • Hotel/Motel Permit

The fee will vary according to the type of business like food establishment will require a $40 fee to the Environmental Health Program. The business license is issued by Arlington County Public Health Division.

Sample License Application – Arlington

Step#3: Issuance of a Business License

How is a business license in Virginia issued? You have to identify the following to complete the process:

  1. The type of business or industry or activity
  2. Do you need a single license or multiple licenses?
  3. Will it be issued by the state or the city?

Once you have identified the above, all you need to do is either download the application or submit online or contact the concerned state department or city of clerk office.

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Advantages of Incorporating a Business in Virginia

Date: 03/08/2019 | Category: | Author: Jakub Vele

Advantages of Incorporating a Business in Virginia

The Old Dominion is a great place for a startup company Virginia as businesses locating to this state will be able to benefit from low operating costs, business-friendly tax structure, a wide variety of incentives, and several other advantages. Some of the advantages are:

  • It is a right-to-work state
  • Strategic Location with access to Interstates & Highways
  • Easy access to Major US Markets
  • Highly educated and skilled workforce
  • A variety of Workforce Development programs
  • Advanced Fiber Broadband Network
  • Easy access to several utilities including Natural Gas, 3 phase electrical service, Wastewater Plants etc

Advantages of setting up an LLC or Corporation

Forbes 2018 report makes it quite evident that “Virginia is the #4 Best State for Business” and is ranked #1 where “Regulatory Environment” is concerned. It is home to many major business services operations and there are many start-ups that register a new company in Virginia every day. The state also offers a competitive cost environment for business entities and it is also home to one of the largest concentrations of tech or IT workers in the nation. These are some of the business environment specific advantages that your business will be able to leverage. Let’s take a look at some specific advantages like that of LLC or a Profit Corporation.

Advantage#1: Salient benefits of Corporation or LLC

Corporation

  • Tax Credits: There are a variety of tax credits that you can benefit from especially if you register a new business in Virginia. Some of the top programs beneficial for businesses include:
    – Major Business Facility Job Tax Credit: Businesses can avail of income tax credit of approximately $1,000 for each new full-time job created. You can carry forward unused credits for a period of 10 years.
    – Refundable Research and Development Expenses Tax Credit: You can avail of corporate income tax credit equal to almost 15% of the first $300,000 that is invested in qualified R&D in the state.
    – International Trade Facility Tax Credit: This is an income tax credit that you can avail of on either capital or creation of jobs in an international trade facility (ITF)
    – Green Job Creation Tax Credit: A business can avail of this corporate income tax credit on any new green jobs created.
  • Independent Life: One of the salient advantages of an S Corporation in Virginia is that it enjoys an independent life. The death or incapacity of a stockholder will not disturb operations of the business.

LLC

  • Small Business Grants: If you register a new company in Virginia as an LLC, you will be able to benefit from several small business grant programs the state offers. Some of the popular programs include:
    – Virginia Economic Development Incentive Grant (VEDIG): It is a discretionary performance incentive with the objective of encouraging businesses to invest in Virginia and create new employment opportunities.
    – ​Virginia Investment Partnership Act (VIP) / Major Eligible Employer Grant (MEE): This is another discretionary performance incentive with focus on continued capital investment, and increase in production using advanced technology.
    – Commonwealth’s Opportunity Fund (COF): A financial incentive for businesses that has been established to support projects, which promote new jobs as well as investment.
    Know more about Incentives
  • Limited Liability: If you register a new business in Virginia as a LLC then you will be able to enjoy limited liability protection. This means claimants can sue the LLC and not the owner or investors.

Advantage#2: Other Business Incentive Programs

There is a variety of business incentive programs including tax credits, exemptions, discretionary incentives, and financing programs available for small and medium enterprises or a startup company Virginia. Let’s look at some of the top programs in Virginia.

The Virginia Enterprise Zone (VEZ)

The objective of the Virginia Enterprise Zone is to enable businesses that locate here in stimulating economic development and earn incentives in return. Some of the incentives includes:

  • 90% rebates on fee for using permit, rezoning, etc.,
  • Tax credits for creating employment.
  • Cash grants equal to 50% of net increase on tools and machinery tax
  • Commercial Façade Loan Program that makes available loans amounting from $5,000 to $50,000
  • Corridor Streetscape Improvement Incentive
  • Mixed-Use Development Incentive
  • Tax Exemption for Rehabilitated Structures

Currently, you can register a new company in Virginia Enterprise Zone in Portsmouth only. Incentives in VEZ

Are there any Disadvantages of Incorporating in Virginia?

When you register a new business in Virginia, you can be rest assured that there is a wide variety of business incentives to leverage. The question is – are there any disadvantages? The disadvantages are limited to the type of business entity you form like an LLC requires more paperwork and is complex as compared to a partnership or sole-proprietorship. Similarly, disagreements or conflicts among the stockholders of a business corporation may immobilize overall decision making. The disadvantages will not affect business growth keeping in mind the incentives and infrastructure offered by the state.

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Virginia LLC and Corporation Registration and Formation

Date: 03/06/2019 | Category: | Author: Jakub Vele

Virginia LLC and Corporation Registration and Formation

There are different types of business entities that you can form in the state including limited liability company (LLC), corporation, S corporation, limited liability partnership, and Benefit Corporation among others. The Real Gross Domestic Product (GDP) of Virginia was $441.49 billion in 2017 as compared to $416.9 billion in 2010. The economy is thriving and it is ranked high on business climate, which are some of the many reasons to form a Virginia business. Several Fortune 500 companies are based out of the state and they are distributed over the greater D.C. area and NOVA (Northern Virginia).

We are one of the top Virginia registered agents and can assist you with the successful registration of your business entity in the state.

Let’s take a look at how you can form a Virginia business LLC or Corporation.

Virginia LLC Registration and Formation

Virginia LLC Registration & Formation

LLC company formation in Virginia is governed by 2016 Code of Virginia, Title 13.1 – Corporations, Chapter 12 – Virginia Limited Liability Company Act. The procedure for registration and formation of LLC is as follows:

Step#1: Maintain a registered agent

If you are planning to form a Limited Liability Company in Virginia then you will be required to continuously maintain a registered agent in the state pursuant to VA Code § 13.1-1015 (2016). This law is applicable for domestic limited liability company as well as foreign limited liability company.

We would take this opportunity to share with you the fact that we are one of the top registered agents in the state and have been responsible for over 11,494 businesses set up in Virginia. We can assist you to form a Virginia business LLC.

Step#2: LLC Name Reservation

One of the foremost steps towards company formation in Virginia is identifying a name for your business entity. The process is as follows:

  1. Identify a name for your business entity
  2. According to VA Code § 13.1-1012 (2016), the name should contain the phrase or words “limited liability company” or the abbreviations “L.L.C.”, or “LLC”.
  3. The chosen name should be distinguishable and should not be deceptively similar to the name of any limited partnership, corporation, or limited liability company
  4. Apply for reservation of name pursuant to the provisions of VA Code § 13.1-1013 (2016)
  5. Submit the form through mail with the Office of the Virginia State Corporation Commission along with the applicable fee. An LLC can reserve its name for a period of 120 days.

Step#3: Articles of Organization and Certificate of Registration

If you are planning to form a Virginia business LLC then the most important step is to prepare and file the proper documents for a Limited Liability Company. The steps are:

  • If you want to register a domestic LLC then you will be required to file “Articles of Organization” governed by VA Code § 13.1-1011 (2016).
  • If your business entity is a foreign LLC then you will be required to file an application for “Certificate of Registration” pursuant to VA Code § 13.1-1052 (2016).
  • The application or documentation for registration of LLC can be filed with the Clerk of the State Corporation Commission, in person, through mail, or online.

We can file the form on your behalf being your registered agent in the state and provide you with certified copies of the LLC registration.

In case, you have any questions regarding how to form a Virginia business, feel free to call us on 702-871-8678.

Virginia Corporation Registration and Formation

Virginia Corporation Registration & Formation

If you are planning to form a Corporation in Virginia then it will be governed by 2016 Code of Virginia, Title 13.1 – Corporations, Chapter 9 – Virginia Stock Corporation Act. The procedure for registration and formation of a business corporation is as follows:

Step#1: Maintain a Registered Agent

If you are planning to form a business or professional corporation in Virginia then you will be required to continuously maintain a registered agent in the state pursuant to VA Code § 13.1-634 (2016). This law is applicable for domestic as well as foreign corporations.

We would take this opportunity to share with you the fact that we are one of the top registered agents in the state and have been responsible for over 11,494 businesses set up in Virginia. We can assist you to form a Virginia business as we are in compliance with all regulations in the State of Virginia.

Step#2: Corporate Name Reservation

In order to form a corporation in Virginia, one of the key steps is identifying a name for your business entity. What is the process? The process is as follows:

  1. Identify a name for your business entity
  2. According to VA Code § 13.1-630 (2016), a corporate name should contain the phrase or words “corporation”, “company”, “incorporated”, or the abbreviations “Corp.”, or “Inc.”
  3. The chosen name should be distinguishable and should not be deceptively similar to the name of any limited liability company, limited partnership, or corporation
  4. Apply for reservation of name pursuant to VA Code § 13.1-631 (2016).
  5. Submit the form through mail or online with the Office of the Virginia State Corporation Commission along with the applicable fee. A business corporation can reserve its name for a period of 120 days.

Step#3: Articles of Incorporation and Certificate of Authority

If you are planning to form a corporation in Virginia, then the most important step is to prepare and file the proper documents for a business corporation. The steps are:

  • If you want to register a domestic corporation then you will be required to file “Articles of Incorporation” pursuant to VA Code § 13.1-619 (2016).
  • If your business entity is a foreign corporation then you will be required to file a ” Certificate of Authority” to transact business in the state pursuant to VA Code § 13.1-759 (2016).
  • The application or documentation for registration of a corporation can be filed with the Clerk of the State Corporation Commission, in person, through mail, or online.

We can file the form on your behalf being your registered agent in the state and provide you with certified copies of the incorporation.

If you have any questions regarding Virginia incorporation or LLC formation, you can simply visit the Virginia Business formation page.

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Incorporate in Virginia

Date: | Category: | Author: Jakub Vele

Incorporate in Virginia

What makes incorporation in Virginia, a good business decision? Forbes has ranked the “Old Dominion” #4 in their list of “Best States for Business” and #1 in “Regulatory Environment” and these rankings go on to prove just one thing – it has one of the best business climates! The Gross State Product of Virginia as of November 2018 was $538 billion and businesses that locate to this state can enjoy a range of benefits right from low operating costs to a business-friendly tax structure. It is a “right-to-work” state and the manufacturing industry has one of the lowest average workers’ compensation costs in the country.

Why Choose Virginia for Incorporation?

The economy of Virginia is quite diverse and is being driven by key industries including Corporate Services, Food & Beverage Processing, Information Technology, Life Sciences, Manufacturing, Supply Chain Management, and Unmanned Systems. Quite often than not, it is considered as “America’s Corporate Hometown” and provides businesses with access to world-class talent. The state’s overall infrastructure has promoted company incorporation in Virginia and today it is home to a large number of small businesses.

One of the catalysts driving the economy of the state and creating good climate for businesses is “Strong Infrastructure.” If you set up company in Virginia then you can benefit from several aspects of the state’s strong infrastructure. Here are some interesting facts:

  • According to a study by Cyberstates 2018, Virginia is home to the 3rd-highest concentration of tech workers in the country
  • 37 Virginia companies in the Fortune 1000 list
  • The Greater Richmond region is considered to be the most suitable for corporate headquarters
  • Hampton Roads boasts 2,600 miles of shoreline and is home to diverse real estate, world-class port facility, and major military commands
  • The Roanoke region is one of the best destinations for setting up tourism business thanks to 22 miles of urban greenway, 600 miles of trails, 300,000 acres of national forest, and 24 rivers and creeks.
  • It boasts of 4th-highest number of “Active Duty Members” in the country that is responsible of providing the state with a robust pool of skilled and dedicated workers
  • 88.7% of Virginia population have access to broadband with speed of 100mbps or faster and hence is a leader in digital and physical connectivity
  • Fairfax County is considered to be the East Coast center of technology innovation due to its proximity to the nation’s capital – Washington D.C

How do you incorporate in Virginia?

What is the process through which you can set up company in Virginia? What type of documentation is required? Can the registration documents be filed online? If you are confronted with these questions then the following steps will help you in understanding how incorporation works in Virginia:

Type of Business

The first step towards incorporation in Virginia is choosing the type of business you want to form. You can choose to form an LLC or a Corporation. The type of business entity you want to form can be domestic or foreign entity. The forms and fee will be different for each type of entity.

Business Entity Name

The second most important step towards company incorporation in Virginia is registering your business entity name. There are 3 steps towards business name formation and they are:

  1. Naming Requirements: A corporation under VA Code § 13.1-630 (2016) and an LLC under VA Code § 13.1-1012 (2016) should contain words like “corporation”, “incorporated”, “limited liability company” or abbreviations like “corp.”, “inc.”, “ltd.”, “L.L.C.” or similar abbreviation.
  2. Business name search: You need to search for a business name that is not in use currently. You can conduct name search here.
  3. Name Reservation: Once you have identified business entity name, and if the name is available then you can reserve the name pursuant to VA Code § 13.1-631 (2016) for business corporations and VA Code § 13.1-1013 (2016) for LLC’s. You can reserve the name with the secretary of state for a non-renewable period of 120 days.
  4. A foreign business entity will have to register their business name pursuant to VA Code § 13.1-632 (2016).

Choose a Registered Agent

Whether you form a corporation or an LLC business entity, in order to transact business in the state of Virginia, you will have to maintain a registered agent pursuant to VA Code § 13.1-1015 (2016) for LLC and VA Code § 13.1-634 (2016) for Business Corporations.

We are one of the respected registered agents in Virginia and will be responsible towards initiating incorporation in Virginia through processing of your “Articles of Organization”, and “Articles of Incorporation” for domestic entities and “Certificate of Registration” and “Certificate of Authority” for foreign business entities.

Articles of Incorporation and Certificate of Authority

You will be required to file “Articles of Incorporation” pursuant to pursuant to VA Code § 13.1-619 (2016), if your business is a domestic corporation. You will have to file a “Certificate of Authority” pursuant to VA Code § 13.1-759 (2016), if it is a foreign business entity. In order to streamline the process of incorporation in Virginia, we can file documents on your behalf through the online process or through expedited process.

Date Stamped Copies

As a part of the process of company incorporation in Virginia, we will ensure, you receive date-stamped and filed copies that verifies the state has filed as well as formed your corporation.

Costs and Fees associated with Virginia Incorporation

What would it cost to set up company in Virginia? Check Fees here!

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Vermont Business License

Date: 03/03/2019 | Category: | Author: Jakub Vele

Vermont Business License

Once a business is registered in Vermont, it is almost ready to become operational. The only aspect to consider at that point is whether your business requires a business license in Vermont or a permit or none. It is important to understand that a license is the key towards making any business operational in this state or any state.

In the “Green Mountain State”, every business doesn’t require a license or a permit and hence you will need to check with the state authorities and local agencies prior to starting operations. However, there are several types of business that may require either one or more permits or licenses. Some of the primary categories of business activities that require the issuance of a permit or a business license include:

  • Building and construction
  • Environment
  • Health and safety

Now, let’s take a walk through the process of licensing in the state of Vermont.

Step-by-Step Guide to a Business License in Vermont

Here is a step-by-step approach towards acquiring a business license in the state of Vermont:

Step#1: The Industry or Business Activity

How would you know what type of business or professional license is required to operate in Vermont? The type of industry or the activities of a business entity helps in identifying the type of business license required.

The licenses or permits are issued by different state agencies. Let’s take a look at some examples to understand this better:

Retail Food Establishments

The business license in Vermont issued under this category includes Restaurants, Commercial caterer, Limited operation for off-premise consumption, Food Processor, Bakery, Seafood Vendor, Shellfish Reshipper, Lodging, Children’s Camp, and Temporary Food Stands including farmers market.

Any business entity falling in any of the above category is required to obtain a Food and Lodging License prior to beginning operations.

Issued by: Vermont Department of Health

Apply: You have to download and submit Application for License to Operate a Food and Lodging Establishment with Vermont Department of Health, Food & Lodging Program Office via mail

Fees: The fee varies according to the type of facility or business activity and other aspects like the fee for:

  • Restaurant with 1-25 seats is $105
  • Fee for a Commercial Caterer – Push Cart is $260
  • Food Processor with Gross receipts <$10,000 does not require a business license
  • Lodging with Capacity of 51-200 is $390.00

Renewal of License: You can renew your license annually.

APPLICATION FOR LICENSE

Liquor Licensing

There are different types of Vermont company license issued for Liquor according to the type of business activity. They can be classified as:

  • Wholesale Dealer License
  • Hold an Event with Alcohol Permit
  • Out of State Manufacturers License
  • Vermont Manufacturers License
  • First and Third Class Licenses for Restaurants and Bar
  • Second Class License

Let’s look at an example to understand this – If you are planning to establish a restaurant serving liquor then apart from the food establishment license, you will also require a First Class License to serve beer and wine or a Third Class License to serve any other type of spirits.

License Issued by: Department of Liquor and Lottery, Division of Liquor Control

Fee: A business license in Vermont for liquor will be issued according to the classification mentioned above.

  • A first class license fee for a Restaurant will be $115 to DLC – $115 to Town/City
  • The fee for a third class license will either be a half yearly ($550 to DLC) or Annual ($1,095 to DLC)
  • The second class license fee for Retail will be $70 to DLC – $70 to Town/City
  • The License to Manufacture will be $285 to DLC

Application: The application will be different for different liquor business activity.

First Class Liquor License

Step#2: Licenses issued by City/County

If your business or industry type doesn’t fall under a statewide license then you will have to check with the local city or county office. A Vermont company license can also be issued by local counties or cities in which the business is located. Let’s look at an example to understand how this works.

If you are planning to transact your business in the City of Burlington or South Burlington, VT then you will require a business license for specific types of services or activities. You will need to apply for a business license or permit with the Clerk’s Office or the Burlington Police Department depending on the type of business activity. Activities like Vendor/Sales, Entertainment or similar events will require a permit from the City Clerk Office although some events will require you to apply for a Police Event Permit Application as well. The process is the same for South Burlington as well.

SAMPLE ENTERTAINMENT LICENSE APPLICATION

Step#3: Issuance of a Business License

The process of issuance of a business license in Vermont may look complex but all you need to do is identify the following to complete the process:

  1. The type of business or industry
  2. The requirement – license or a permit?
  3. Will it be issued by the state or the city or county?

Once you have identified the above, all you need to do is either download the application online or contact the concerned state department or city of clerk office.

It is important to note that a business license or permit will have to be renewed annually unless specific dates have been mentioned, to keep the business operational.

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Advantages of Incorporating a Business in Vermont

Date: 03/01/2019 | Category: | Author: Jakub Vele

Advantages of Incorporating a Business in Vermont

In the last 5 years, there has been more startup company Vermont established as compared to large corporations. There are several industries that have been growing at a rapid rate and many businesses have been formed in such industries like Agriculture, Forestry, Fishing and Hunting, Wholesale Trade, Professional, Scientific, and Technical Services, Educational Services (Private), and Health Care and Social Assistance among others. A research study has concluded that 16 industries out of the top 25 most concentrated industries in the state include production/manufacturing related, like Logging, Tea Manufacturing, Breweries, Ice Cream and Frozen Dessert Manufacturing, Game Manufacturing, and Coffee Manufacturing. This is more so because of the variety of incentives offered by the state and local agencies.

Business Growth Incentive for New Businesses

Why should you register a new business in Vermont? The state has witnessed $12.3 billion in economic activity fuelled by small and medium sized enterprises (SME’s) that are also instrumental towards 27% of employment. There has been an increase in the number of high-tech firms in Vermont in 2017 with 3,012 firms registering in the state as compared to 2,011 firms in 2007. This also goes on to say, how beneficial the incentive programs have been for businesses. Let’s take a look at some of advantages that your business can benefit from in the state.

Advantage#1: The benefits of Incorporation or LLC formation

Corporation

  • Capital and Incentive programs: If you register a new company in Vermont then you will be able to benefit from a variety of capital as well as incentive programs. Capital sources or programs range from angel investing to a wide variety of debt sources especially those offered by Vermont Economic Development Authority. Some of these incentive programs have been rated amongst the best in the nation and include:
    – Brownfields Revitalization Fund (BRF)
    – ThinkVermont Innovation Grant Program
    – International Grants
    – Investment Capital
    – Northern Border Regional Commission Grants
    – Vermont Employment Growth Incentive (VEGI)
    – Grants by Office of Economic Adjustment (OEA)
    – Windham County Economic Development Program
    – Vermont Training Program (VTP)
  • Zero Income Tax: If you register a new business in Vermont as an S Corporation, you can benefit from the fact that there will be no income taxes levied and an S corporation income or loss will be passed through to the stockholders. It is also important to know that there are a few exceptions though.

LLC

  • Tax Incentives: A startup company Vermont LLC can take advantage of several incentive programs offered by the state, cities, and counties like Newport. If you established your business in Newport, VT then some of the programs you can benefit from include:
    – Newport City Tax Stabilization
    – The Downtown Designation Program
    – New Markets Tax Credit Program (NMTC)
    – The Work Opportunity Tax Credit (WOTC)
    – Research and Development Tax Credits
    – Vermont Employment Growth Incentive
  • Flexible Profit Distribution: A startup company Vermont LLC has the benefit of being able to select different ways of distribution of profits unlike a partnership where the distribution is 50-50.
  • Limited Liability: As an owner of a Vermont LLC, you will be able to enjoy limited liability protection quite similar to what a corporation enjoys.

Advantage#2: Vermont Business Incentives

Once you register a new company in Vermont, there are several business incentives and programs that your company can benefit from. Let’s take a look at some of the most popular programs:

  • Vermont Employment Growth Incentive (VEGI): This is a business incentive program that has been implemented by Agency of Commerce and Community Development, State of Vermont. The primary objective of this program is to provide cash payments to businesses in a variety of industries that are authorized to earn this incentive based on specific performance requirements. The value of each of the cash payments to be made will be directly based on the revenue return generated through payroll creation, prospective qualifying jobs, and capital investment. Once a business has earned the incentive, it will be paid out over several years. Sample Application and Information
  • Vermont Opportunity Zone program: The opportunity zone program has been created to target businesses that plan to relocate or expand their activities in such a zone. If you register a new business in Vermont OZ, your business will be able to benefit from several tax incentives including all capital gains will qualify for a deferral. Map of Opportunity Zones

Are there any Disadvantages of Incorporating in Vermont?

As a startup company Vermont, you will be able to enjoy several benefits in the form of tax credits, grants, loans, Small Business Innovation Research (SBIR), Small Business Technology Transfer (STTR) programs, ThinkVermont Innovation Grant Program, and Vermont Commercial Solar Incentives, and much more. So, the big question is – are there any disadvantages? In reality, there are no disadvantages as such except the ones that are specific to the type of business you register like an LLC has a limited life and can get dissolved if a member dies. Similarly, incorporation can lead to higher overall taxes and this is where you can find relief in the form of the tax credit programs.

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