We are excited about your interest in starting a business in Franklin Southampton. Below is a broad list of resources that serves to
help you get your business up and running or begin the expansion process:
Why a Business Plan Helps
- Assists in planning and developing your business.
- Demonstrates the profitability and feasibility of your business to potential financial entities
Choose Your Business Model
General Partnership
is the relationship between two or more persons who team up to operate a business. A general partnership is similar to a sole proprietorship in that it is registered at the local level and is directly tied to the individuals in it.
Limited Liability Company (Llc)
is the most popular registration for business owners. With an LLC you have limited legal liability, however, for taxes, they are more like a sole proprietorship or partnership.
Sole Proprietorship
means your business is 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.
Corporation
is a legal entity that is separate from the people who own it. Unlike General Partnerships or Sole Proprietorships, corporations cannot be dissolved easily. Small businesses typically choose to be S-corporations, which pass profits or losses directly to the shareholders, much like partnerships. Forming a corporation is somewhat complicated, and you may want to enlist the assistance of an attorney if you choose to organize your business this way.
Call the SCC at 804-371-9733 to see if your business name is available.
Register Your Business and Business Tax ID here or call the VA Department of Taxation at 804-367-8037.
Register for an Employee Identification Number (EIN) here.
Local Resources
City Of Franklin Resources
- City of Franklin Community Development
(Inspections/Zoning/Permits) - City of Franklin Commissioner of Revenue
(Business License/Property/Tax) - City of Franklin Public Works
- City of Franklin Treasurer
Southampton County Resources
- Southampton County Community Development
(Inspection/Zoning/Permits) - Southampton County Commissioner of Revenue
(Business License/Property/Tax) - Southampton County Public Works Department
- Southampton County Public Utilities
- Southampton County Treasurer
Business License and City Limits Information
Regional And State Business
Resources
- Business Development Center at ODU
- Local and State Business Incentives
- Hampton Roads Small Business Development Center
- Hampton Roads Chamber of Commerce
- Franklin Business Center
- Startwheel (Entrepreneur Network)
- Virginia Business Incentives Guide
- Virginia Department of Small Business and Supplier Diversity
- Virginia Department of Agriculture and Consumer Services
- Virginia Employment Commission
- Virginia’s Procurement Marketplace (eVA)
- Virginia Small Business Financing Authority
Disclaimer: Remember that it is your responsibility to learn what local, state, and federal laws and regulations apply to your business. Contact our office at 757-562-1958 for further assistance.