Credit Counseling in Virginia

Paper Summary:

The paper relates that in order to start a busines in the State of Virgina, the business must first follow the general business requirements for any start-up enterprise, which include applying for appropriate business licenses and tax forms along with registering or incorporating the business. The paper explains further that in the State of Virginia there are additional forms that must be filed by the credit counseling agency with the Virginia Department of Agriculture and Consumer Services. Finally, the paper looks at the other activities which require an entrepreneur's attention before business can actually be conducted. The paper includes an appendix of annual registration fees.

Outline:
Overview
Business Formation & Licensing
Business Taxes
Credit Counseling Requirements
Conclusion

From the Paper:

"The initial requirement for a business startup in Virginia is to decide what type of business it will be prior to applying for licensure. There are several business structures that can be chosen for a new enterprise: 1) an incorporated entity, 2) limited liability partnerships, 3) sole proprietorships, 4) general partnership, and 5) limited liability companies (Guide, 2006). For the purposes of a credit counseling agency the structure that might be best suited for the enterprise is the fully incorporated business entity."

Sample of Sources Used:

• Application for registration credit services business. (2006). Virginia Department of Agriculture and Consumer Services, Office of Consumer Affairs (online). Retrieved Mar.12, 2007 from: http://www.vdacs.virginia.gov/forms- pdf/cp/oca/creditservicebus/oca71csbreg.pdf
• Business entity forms & fees. (2007). Virginia Department Business Assistance (online). Retrieved Mar.12, 2007 from: http://www.dba.virginia.gov/frameset.asp?URL=http%3A%2F%2Fw ww%2Escc%2Evirginia%2Egov%2Fdivision%2Fclk%2Ffee%5Fbus%2Eht m
• A guide to establishing a business (2006). Virginia Economic Development Partnership, Central Office, 2006-2007.
• How do I register my corporation. (2007). Virginia Department Business Assistance (online). Retrieved Mar.12, 2007 from: http://www.dba.virginia.gov/
• Office of consumer affairs. (2007). Virginia Department of Agriculture and Consumer Services (online). Retrieved Mar.12, 2007 from: http://www.vdacs.virginia.gov/ consumers/oca.shtml

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