Fillable Form R-1 - Business Registration Form (Page 2 of 8) in pdf

NEW BUSINESS REGISTRATION

BUSINESS PROFILE INFORMATION

Business Name ___________________________________________________________________

Enter the legal name of your business.

Federal Employer Identification Number (FEIN) ___________________________

If you do not have a FEIN go to irs.gov to obtain one.

Business Entity Type - Check the one that best describes the type of ownership of your business as reported to the

IRS and/or State Corporation Commission.

Sole Proprietor - An unincorporated business owned and operated by one person. This person receives all

the profits and is personally liable for all the losses and taxes.

Corporations

Corporation – An entity with a legal existence separate from its owners.

Non-profit Corporation – A corporation with a nonprofit, tax-exempt status under Section 501(c) of the IRS

Code that is incorporated as a non-stock entity.

Limited Liability Company (LLC) reporting as a Corporation – An LLC is an unincorporated association having

one or more members. It is a separate legal entity that limits the personal liability of its owners.

Pass Through Entities

Sub Chapter S Corporation – An entity with a legal existence separate from its owners. The corporation does

not pay any income tax but passes its income and expenses through to its shareholders to be included on their

separate returns.

General Partnership - A relationship existing between two or more persons joined together to carry on a trade

or a business.

Limited Partnership - A Limited Partnership has two classifications of partners. General partners retain control

over the management of the partnership and are liable for all debts. Limited partners invest money or property

in the business and are entitled to share in the profits. The limited partners’ liability is limited to the extent of

their investment.

Limited Liability Partnership (LLP) - A limited liability partnership is formed under a state limited liability

partnership law. Generally, a partner in an LLP is not personally liable for the debts of the LLP or any other

partner, nor is a partner liable for the acts or omissions of any other partner, solely by reason of being a

partner.

Limited Liability Company (LLC) reporting as a Partnership – An LLC is an unincorporated association having

one or more members. It is a separate legal entity that limits the personal liability of its owners.

Other Entities

Non-Profit Organization – An entity that meets the requirements under Section 501(c) (3) of the Internal

Revenue Code and is not incorporated.

Cooperative – An entity designated by the Virginia State Corporation Commission based on Section 13.1-301

of the Code of Virginia.

Credit Union – An entity defined in Section 6.1-225.2 of the Code of Virginia as a cooperative, nonprofit

corporation, organized to do business for the purposes of encouraging thrift among its members and, also,

providing an opportunity for its members to use and control their own money on a democratic basis to improve

their economic and social condition.

Bank - A corporation authorized under Section 6.104 of the Code of Virginia to accept deposits and to hold

itself out to the public as engaged in the banking business.

Form R-1 - Business Registration Form Page 2