City Business License

Register with your city to do business, with Getting Incorporated™'s City Business License service. If you operate your business within city limits, a City Business License may be a mandatory legal requirement for you. Getting Incorporated™ can obtain a City Business License for your business. Ensure you are properly registered with the officials in your city.

Business Law Update:

Virginia

HB 780

Revised Uniform Limited Partnership Act. Reorganizes provisions of the Revised Uniform Limited Partnership Act regarding the winding up, cancellation, and reinstatement of limited partnerships. The revisions to the structure of the Act conform to the organization of the Virginia Stock and Nonstock Corporation Acts. Other provisions authorize the removal of the initial registered office and registered agent information in the certificate of limited partnership if a statement of change is on file with the Commission and make technical clarifications. Current Bill Status: January 24, 2008 having passed the House the Bill is referred to Senate Committee on Commerce and Labor.

Start Up Tip:

Reasonable Compensation in an S Corp

S-Corporation's which file their 1120S with $0.00 showing on Line 7 "Compensation of Officers" are increasing their risk of IRS audit. The IRS takes the position that no one works for free, and has said repeatedly that officers must be paid reasonable wages for the work they perform. Owner-employees of S-Corporation must receive a reasonable payroll taxable salary for their duties, even if the business is losing money. The upside is that in loss years S-Corps can deduct their officer pay to maximize the loss, and in profitable years gains are maximized as money Owner/Employees make above and beyond the reasonable salary can be taken out without a payroll tax liability, while the salary itself is a deductible expense.

[City Business License]

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