Small Business Support

Dependable Small Business Legal Support

Running a small business can be challenging, but you can overcome any obstacle with the proper support. Commonwealth Legal PLLC in Midlothian, VA, understands small business owners' unique challenges and is here to help. Our team can provide the guidance and support you need to succeed.

We Offer a Wide Range of Services to Small Businesses

Contract drafting and review: Protect your interests and ensure your contracts are fair, transparent, and legally binding.
Business formation: Choose the proper business structure for your company and ensure you fully comply with all legal requirements.
Bylaws/Operating agreements: Set the rules for your company and how you will manage
Confidentiality/Non-compete agreements: Protect your valuable information and business secrets.
Corporate Transparency Act (CTA) Compliance: We can help you determine whether your business is impacted and help your business navigate these new filing requirements.
Buy/Sell Agreements: A buy-sell agreement outlines the terms and conditions regarding the buying or selling of a business interest thereby providing a clear plan for business continuity and protecting the interests of the owners and the business itself in the face of unforeseen events such as death or disability.

Corporate Transparency Act (CTA)

The Corporate Transparency Act (CTA) was passed as part of the National Defense Authorization Act for Fiscal Year 2021. The CTA is designed to combat money laundering and other financial crimes by requiring certain corporations and limited liability companies to report their beneficial ownership information to the Financial Crimes Enforcement Network (FinCEN) of the U.S. Department of the Treasury. The act is intended to increase transparency and facilitate law enforcement in identifying and investigating illicit activities.

Starting January 1, 2024, the Corporate Transparency Act (CTA) requires non-exempt U.S. entities and non-exempt foreign entities registered to do business in the United States (referred to as Reporting Companies) to submit beneficial ownership information (BOI) reports to the FinCEN database.

Companies required to report are called reporting companies. There are two types of reporting companies:

Domestic reporting companies are corporations, limited liability companies, and any other entities created by the filing of a document with a secretary of state or any similar office in the United States.
Foreign reporting companies are entities (including corporations and limited liability companies) formed under the law of a foreign country that have registered to do business in the United States by the filing of a document with a secretary of state or any similar office.

The CTA is expected to affect 32.6 million small and medium sized businesses in unregulated industries during its first year. Commonwealth Legal PLLC can help you determine whether your business is impacted and help your business navigate these new filing requirements if impacted.

If you are a small business owner looking for support, look no further. Call us today at 804-470-9975 to schedule a consultation. We are here to help you succeed.