The internet can be ones best friend or worst enemy. It is a great tool in networking and conducting business. Plus, staying in touch with friends and loved ones across the country. Its much cheaper than making long distance calls and a lot quicker than the postal service. However, it has its downfalls as well. It can also be ones worst enemy, especially with teens and young people today. Their peers make slanderous websites, go to social sites such as MySpace and Facebook and demean each other.

If that is not enough, they use cell phones to make videos to upload on places like You Tube. Also, send horrible text messages and use camera phones to catch their targets in not so nice situations. There have been cases where kids have committed bullycide (suicide by bullying) over this sort of abuse. A recent case is the Megan Meier one in Missouri where a MySpace friend named “Josh” turned out to be a 48 year old housewife and Josh started bullying Megan on MySpace.

In California, there is a bill entitled Assembly Bill 86 introduced by Ted Lieu of Torrance. This passed through the Senate with a 21-11 vote and now goes back to the Assembly for consideration of Senate amendments. If this passes, it would become illegal for kids and teens to bully one another through electronics. Also, they could be expelled from school and face other dire consequences. If you ask me, I am wondering what took them so long?

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In 1991, the Virginia State legislature passed The Virginia Limited Liability Company Act (the “Act’) which can be found in Title 13 of the Virginia statutes. The enactment of this Virginia statute was a major step toward making Virginia one of the most business friendly states in the country. In fact, Virginia has consistently been rated #1 by Forbes magazine.

The Act has been improved with amendments during the past decade with each amendment designed to make it easier for one to start a Virginia business properly. This set of Virginia laws is fairly easy to read and comprehend.

The Virginia Limited Liability Company Act is broken down into Articles and covers major matters such as formation requirements, relationships between and among members, financial matters, and dissolution. This Article outlines some of the major sections:

Articles 1- 3 of the Virginia Limited Liability Company Act: Virginia LLC Formation Matters

It is evident that the Virginia lawmakers wanted to make the formation of a Virginia limited liability company a straightforward process but as with any regulated process, there are requirements and processes to be followed.

Virginia does have registered agent requirements that are more restrictive than the registered agent requirements of most other states and you must ensure that your chosen name for your business entity complies with the name rule regulations in Virginia.

The State of Virginia is very strict about enforcing the Virginia LLC formation requirements. When setting up an LLC in Virginia, you must ensure that your formation documents comply with the requirements and conditions set forth in these sections of the Virginia Act.

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Whether you’re planning your business to service a very select clientele or you’re going to open your doors to the public and take on all comers, you’re going to need to create the business as a separate legal entity so that you can’t be held personally responsible for the business’ debts and other liabilities. This can be done in a variety of ways, but one of the more popular of these is through the creation of a limited liability company. A limited liability company, or LLC, is a corporate entity that combines many of the best features of legal partnerships with the stability and separation afforded by corporations.

One of the main advantages to a limited liability company is that it’s one of the more flexible business entities that you can create… the company can be run in a manner similar to a partnership, yet has many of the same protections for its members as a corporation would have. The LLC has become increasingly popular in recent years, to the point that many major companies that you deal with on a regular basis may be limited liability companies. Is it in your business’ best interest to be incorporated as an LLC? Here’s some information for you to consider so as to help you decide.

Partnership-Like Features

Much like a standard partnership, money that is made through a limited liability company can be channeled directly to its members (with “members” being the legal term for an LLC’s owners.) This is important, because it deals with a major drawback of incorporation… something that is known as “double taxation.” With a standard corporation, any money that the corporation makes is taxed at a special corporate rate. When the owner of a corporation wants to be paid, they have to take their income as a dividend of the money that the corporation has made… and then they have to pay standard income taxes on that money. This means that taxes have been taken out of their income twice by the time that they receive it; this is why it’s advantageous to have profits flow through directly to members. Income tax still has to be paid on money that is earned through an LLC, but the separate corporate tax rate doesn’t apply to any money that you’ve made (as it isn’t held by the company itself.)

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Have you ever come up with what you believed to be a great idea? Have you researched that idea and realised that there is actually a hole in the market that doesn’t cover your idea? One day, you are going to put that idea into practice properly and become a millionaire from it - just as soon as you get time.

But you don’t get time. Then, before you know it, there it is! In the shops! But that’s your idea, you thought of it first and now this other person has had the same idea, taken the action that you were so slacking in and turned it into a money spinner so they can live it up on the Costa Del Easymoney.

If only you had looked into protecting your intellectual property. But would it really be possible to protect an ‘idea’? Well, yes it is. Intellectual property rights are a legally binding way of protecting your idea that would prevent other people from using it. They may think their idea is original as nothing else like it is available on the open market and you may not have got round to actually producing the product but you would be protected and they would not be able to make their millions with it.

Intellectual property is defined as expressions and creative ideas formed by the human mind. This means, quite simply, your idea can stay that way until you are ready to use it without worrying that someone else will beat you to it.

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