Business

Start, Locate, Expand

Start, Locate, and Expand Your Business in Buena Vista

Congratulations on taking the first step towards building your dream business! Starting a business involves planning, making key financial decisions, and completing a series of legal activities. Research and planning are the cornerstones of any successful business venture, providing the roadmap that guides you through the complexities of the marketplace, helping you navigate challenges and capitalize on opportunities.

Research & Plan

Why is research and planning so crucial? Consider it the groundwork for your business’s future success. By delving into market trends, consumer behavior, and competitive landscapes, you gain invaluable insights that shape your strategy and set you apart from the competition. But remember, you’re not alone on this journey. Our Small Business Solutions tab offers a wealth of resources and tools designed to support you every step of the way. Whether it’s accessing the expertise of the Small Business Development Center or leveraging consulting and training programs, we’re here to help you turn your vision into reality.

Navigate legal requirements

Choose your Business Structure

A business becomes a ‘legal entity’, meaning that it can own property, can hold bank accounts, and pays taxes almost exactly as if it were a living citizen of the Commonwealth of Virginia. There are several types, however, each with its own benefits and limitations. While it can be changed later, it is far easier to make this decision correctly before going further. The ‘right choice’ for you is truly dependent on your needs. Get to know the types and make a good decision for yourself. This decision impacts taxes, the relationships between owners, and legal liability. Consulting with business counselors, attorneys, and accountants can prove helpful.

Common Business Structures

  • Sole Proprietorships are usually owned by a single person or a couple. You’re personally liable for all business debts, can freely transfer all or part of the business, and for taxes, you can report profit or loss as personal income.
  • Limited Liability Companies (LLCs) are very popular. You have limited legal liability like a full corporation; however, for taxes, they’re more like Sole Proprietorships or Partnerships.
  • General Partnerships let you share profit, loss, and managerial duties among the partners, and each is personally liable for any debt entirely. (“Joint Ventures” are short-term partnerships.)
  • C-Corporations are distinct legal entities, taxed separately from their ownersand are generally not favored to own assets that substantially appreciate in value. While they protect against personal liability, they do not have many of the tax and operating advantages of an LLC or limited partnership, except that lower tax rates may apply to annual net income below $75,000.
  • S-Corporations are not taxed as a separate legal entity and protect their owners against personal liability, but there are limitations on the number and type of eligible stockholders. They also have certain less favorable tax and operating advantages than LLCs.
  • Benefit Corporations are a form of stock corporation that incorporates aspects of nonprofit organizations.

Register your business and its name

Virginia offers the Business One Stop tool that can make it easier and accomplish these tasks for most users for a small fee. You may also file directly with the State Corporation Commission. Virginia’s Business Information Hotline can assist: 866-248-8814.

  • Check to make sure your company name isn’t taken, and register your name and trademarks with the federal government.
  • For more information about the registration process, including information for more complex business structures complete with forms and look-up tables, this commission is the authority.
  • For most businesses, the online registration tool, Virginia Business One Stop, can handle this part for you.

You should always consult a lawyer if you still have questions.

Get Your Tax Numbers

In the same way a person has a Social Security Number, a business has federal and state tax numbers. The Business One Stop tool, mentioned above, can assist you with obtaining your federal and state tax IDs.

Register straight with the source:

**The above information is compiled from Virginia’s Business One Stop.

Apply for funding
Secure location

Set up utilities & PLAN FOR TAXES

Once you’ve secured your location and are ready to open your doors, it’s time to set up your utilities.

It is also important to ensure that you are prepared for tax responsibilities.

  • If you set up your state and federal tax information during the “Navigate Legal Requirements” step, then you are part of the way there. If not, be sure to consider state and federal tax requirements for sales tax, income tax, etc.
  • Visit the Business Tax page to prepare for any local taxes and business license fees.

You should always consider seeking advice from a qualified tax professional, such as an accountant or tax attorney, to ensure that you’re meeting all of your tax obligations and maximizing tax-saving opportunities. A tax professional can help you navigate complex tax laws, identify deductible expenses, and develop tax strategies tailored to your business goals

Grand Opening and Beyond

Congratulations on reaching this milestone! Now it’s time to celebrate your grand opening and introduce your business to the community. The resources below can help you plan and promote your launch event, attract customers, and generate buzz for your new venture. But the journey doesn’t end here–we’ll continue to support you as you navigate the challenges and opportunities of business ownership…

List with Local Tourism

Our regional tourism center offers complimentary business listings for everyone holding a current business license. The information that you provide for this listing is used for print and online resources, such as:

To obtain your business listing, be sure you have a copy of your business license and click the appropriate link below to submit your listing.

You may also take advantage of opportunities to display rackcards/brochures at visitor centers [PDF Rack Card Policy] and other free promotional opportunities [PDF tourismpartners_promoservices]

Join the Chamber of Commerce and Host a Ribbon Cutting

The Chamber of Commerce serving Buena Vista, Lexington, and Rockbridge County provides countless opportunities to help you grow your business. Such as:

  • Promotional Support through Locals’ Nights, Cash Mobs, Ribbon Cuttings, and Ground-Breaking Ceremonies.
  • Online presence through listings on lexrockchamber.com, the Profile Display, and on MyChamber App, providing free marketing to all member organizations and businesses.
  • Networking opportunities at Business After Hours, Business @ Breakfast, Coffee and Conversation, and during Signature Events.
  • Educational opportunities through forums, seminars, and workshops.
  • The Chamber is often a first stop for individuals seeking business referrals and relocation information.
  • Discounted Services through the Chamber Benefits Card program.
  • Advertising in e-newsletter, The Chamber Weekly, during Signature Events, in the Hospitality Map, and the Regional Business Map.

For more information and to join the Chamber, visit http://www.lexrockchamber.com/ or email the Chamber at info@lexrockchamber.com

Get Involved with Main Street Buena Vista

Established in 2022, Main Street Buena Vista (MSBV) is a volunteer-based, nonprofit organization that works to create a prosperous and welcoming downtown while preserving BV’s unique charm

The goal of Main Street Buena Vista is to encourage entrepreneurship, innovation, and small-business growth in order to create a downtown that is sustainable for future generations. There are many ways to get involved in MSBV through committees.

  • Business Relations: Improving economic vitality through attracting new businesses and facilitating growth for existing ones.
  • Promotion: Promoting local events and attractions while organizing community events and volunteer efforts to build a sense of community and ownership over the area’s revitalization.
  • Placemaking: Design improvements such as facade renovations or streetscape enhancements to create an inviting and visually appealing atmosphere for residents and visitors alike.
  • Organization: Grants, fundraising, and sustainability

To get involved, visit: https://www.mainstreetbuenavista.org/general-6

Networking & Support

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