Essay About Business Trusts And Limited Liability Companies

Unincorporated Entity Registration
Unincorporated Entity Registration
UNINCORPORATED ENTITY REGISTRATION
Limited Liability Companies. A limited liability company is
an unincorporated association which may be treated as a partnership
for tax purposes by providing owners with limited
liability similar to that available to shareholders of a stock
corporation.
A Virginia limited liability company is formed by fi ling articles
of organization with the State Corporation Commission
and paying a fi ling fee.
Foreign limited liability companies may register in Virginia
by fi ling an application for registration along with a copy of
the articles of organization fi led in the foreign limited liability
company’s jurisdiction of formation, duly authenticated
by the Secretary of State or other offi cial having custody of
the records in the state or other jurisdiction of its formation.
There is a fi ling fee for fi ling an application for registration.
Domestic and foreign limited liability companies pay an annual
fee which is assessed July 1 of each year.
Business Trusts. Business trusts are unincorporated businesses,
trusts, or associations governed by a governing instrument
that provides for the property or activities of the
business trust to be owned, managed or carried on by at least
one trustee for the benefi t of at least one benefi cial owner.
The benefi cial owners are normally entitled to the same
limitation of personal liability as are shareholders of a stock
corporation.
A Virginia business trust is formed by fi ling articles of
trust with the State Corporation Commission and paying a
fi ling fee.
Foreign business trusts may register in Virginia by fi ling an
application for registration along with a copy of the articles
of trust or other constituent documents fi led in the foreign
business trust’s jurisdiction of formation duly, authenticated
by the Secretary of State or other offi cial having custody of
the business trust records in the state or other jurisdiction
of its formation. There is a fi ling fee for the application for
registration.
Domestic and foreign business trusts pay an annual fee to the
State Corporation Commission each year.
Limited Partnerships. A limited partnership is a partnership
formed by two or more persons and having at least one
general partner and one limited partner. General partners retain
control over the management of the limited partnership
and are liable for all debts. Limited partners invest money
or property in the business and are entitled to share in the
profi ts. The limited partners’ liability is limited to the extent
of their investment.
A Virginia limited partnership is created by fi ling a certifi cate
of limited partnership with the State Corporation Commission
and paying a fi ling fee.
A foreign limited partnership may register in Virginia by
fi ling an application for registration along with a copy of
the certifi cate of limited partnership fi led in the foreign
limited partnership’s jurisdiction of formation, duly authenticated