Randall Page supports local businesses and community events. One of the most exciting programs going on is the Downtown Franklin StartUp program. The StartUp program is a result of a state grant program, along with support by local sponsors, to encourage business growth in specific geographic locations. The City of Franklin was fortunate to be chosen to be a part of the StartUp program. Suffolk Partner, and Franklin Resident, Andrew Page is offering free business entity formation evaluations to participants of the program.
The StartUp program offers entrepreneurs the opportunity to receive up to $40,000.00 in funding to open a new or expand an existing business. Participants were required to complete an application, and they must also attend business training classes held every two weeks at the Franklin Business Center. After the courses are complete, participants then create and submit a business plan. Participants must make a three to five minute pitch regarding their business and how they will use the funds. Winners will then receive their award, must open the business in September of 2017, and use the funds provided toward their business in the form of reimbursement.
When starting a business, the entity one chooses is one of the critical first steps in forming a business. In Virginia, the default for a sole owner is a sole proprietorship; while the default for two or more persons engaging in a business is a general partnership. One can create a corporation (C corp or S corp) or a limited liability company by registering with the Virginia State Corporation commission. There are different tax and liability interests regarding each entity choice.
If you are thinking of starting a new business, call the experienced attorneys of Randall | Page, P.C. Our creative and responsive attorneys will give you excellent advice to support your business and will be available to you throughout your business careers.