Corporate & business law
in West Virginia
Determine the Correct Business Organization with Trump & Trump, L.C.
Trump & Trump, L.C. serves West Virginia’s eastern panhandle with expertise in business law. When you need to know the best type of business structure for your company, consult with one of our attorneys to review your options.
Sole Proprietorship – An individual engages in business activity without creating a legal entity. While you do not have to file with the Secretary of State, you must register your business with the West Virginia State Tax Department.
Partnership – Two or more people associate to form a for-profit business. There is generally a partnership agreement, and since there is no legal entity, it also does not require filing with the Secretary of State’s Office. The partnership must file its business registration with the WV State Tax Department.
Limited Liability Company (LLC) – Forming an LLC brings together the powers of both a corporation and a partnership. Ownership of an LLC lies with its members, which can be an individual, partnership, corporation, trust, or any other legal entity. It may be managed by its members or by managers, which must be stated in its articles of organization. The operating agreement for an LLC in West Virginia does not require filing with the Secretary of State, and West Virginia Code Chapter 31B governs LLCs.
Corporation/Nonprofit – A legal entity formed by filing articles of incorporation with the Secretary of State’s Office. Corporation entities have limited liability, central management, perpetual duration, and ownership interests can be transferable. Shareholders are the owners of a corporation. Directors manage the affairs of the corporation and they can choose to elect officers. A corporation may be a nonprofit entity, depending on its business activities. However, it must also register as a charity, and contain certain provisions in its articles to maintain tax-exempt status. West Virginia Code Chapter 31D governs for-profit corporations, while Chapter 31E rules non-profit corporations.
Consult with a Business Law Attorney with Trump & Trump, L.C. Today
Consulting with an attorney from Trump & Trump, L.C. can help your business determine its best form of structure. Persons operating a business must consider such operational requirements as taxes, liability issues, management structure, and ability to transfer ownership. Trump & Trump, L.C. lawyers are also excellent sources for consulting on a number of operational areas involving your business. Speak with one of our attorneys today about important leases, shareholder disputes, asset sales & purchase agreements, contracts, and operating agreements. Together, Trump & Trump, L.C. keeps business working in West Virginia.