Virginia Business Blog Roll

Forming a nonprofit

2008-02-01T04:01:00-05:00

Forming a nonprofit

Forming a nonprofit organization can be perfect for people who want to be their own boss and devote their work to charitable causes. A nonprofit is established just like a for-profit enterprise, with the additional step of applying for tax-exempt status with the Internal Revenue Service.

In Virginia, nonprofits must:

- Be registered as either a non-stock corporation or a limited liability company (LLC).

- Register with the Virginia Department of Agriculture and Consumer Services for the ability to raise funds.

- Obtain a local business license, and, if required, register with the Virginia Department of Taxation.

A nonprofit organization becomes tax-exempt (allowing individuals and businesses who donate to the organization to deduct their gifts on their federal tax returns) by filing an application to become classified as a 501(c)(3) organization.

Necessary forms include IRS Form 8718 and IRS Package 1023. For instructions on filling out these forms, read IRS publication 557, Tax-Exempt Status for Your Organization.
All IRS forms can be obtained by calling (800) TAX FORM or downloading them from http://www.irs.gov.

The Business Information Center of the VDBA can e-mail you a step-by-step explanation with live links to numerous resources and all required forms and instructions. Call (866) 248-8814 to request nonprofit instructions or e-mail your request to vbic@vbda.virginia.gov.

Business One-Stop to be unveiled in 2008

Starting a business in Virginia will become easier in early 2008 when the online “Business One-Stop” is introduced. Entrepreneurs accessing the one-stop site will need to answer only a few simple questions to receive detailed information on the registrations, licenses and permits required.

Debut date of the new “Business One-Stop” will be announced on the Virginia Department of Business Assistance Web site, http://www.vdba.virginia.gov and the Virginia Business

Portal, http://www.business.virginia.gov.

Va. Legislature loads up on gun-rights initiatives

2012-02-05T20:57:03-05:00

RICHMOND Gun-rights advocates are poised to win a marquee victory in the Virginia General Assembly, perhaps as early as today, with the potential repeal of the state’s one-handgun-a-month limit.

Va. Legislature loads up on gun-rights initiatives

2012-02-05T16:57:03-05:00

RICHMOND Gun-rights advocates are poised to win a marquee victory in the Virginia General Assembly, perhaps as early as today, with the potential repeal of the state’s one-handgun-a-month limit.

McDonnell, O’Malley spar over which party deserves credit for economic recovery

2012-02-05T09:00:00-05:00

Maryland Gov. Martin O’Malley (D) and Virginia Gov. Robert F. McDonnell (R) sparred Sunday morning on national television over which party deserves credit for the start of the economic recovery and their respective job-creation records. Read full article >>

Assembly’s right turn could be problematic for McDonnell

2012-02-05T08:27:18-05:00

RICHMOND Republican Gov. Bob McDonnell wanted a conservative Virginia General Assembly, and he got one. Now the Legislature's hard right turn is forcing McDonnell to weigh its legislation against his viability as a top Republican vice presidential prospect.

Road-funding bills gain traction in General Assembly

2012-02-05T04:00:18-05:00

Gov. Bob McDonnell’s suggestions for changing Virginia’s approach to transportation, and diverting current revenues to highways, are up for debate in General Assembly committees this week. His measures join a dozen other transportation bills, including one from Del. Lacey Putney, I-Bedford, that have been introduced this year.

Educators split on possible changes to contracts

2012-02-04T18:50:39-05:00

Stefanie Hicks approached the lectern one December evening to share a message with the Suffolk School Board: Give teachers some respect. A teacher of Spanish, Hicks was polite but blunt as she spoke of meetings, paperwork and other duties that distract her from instructing students.

House panel backs primary date change, photo-ID bill

2012-02-03T20:45:02-05:00

With little discussion, a House committee on Friday advanced emergency legislation that would move the June primary for state congressional races and the U.S. Senate contest to August if a congressional redistricting plan is not approved by next month.

Two ‘conscience clause’ adoption bills advance

2012-02-03T19:47:12-05:00

RICHMOND Private child placement agencies might soon have legal backing to deny adoption or foster care to prospective parents for religious or moral reasons.

Booz Allen revenues up, makes cuts in management

2012-02-03T20:42:08-05:00

Government contractor Booz Allen Hamilton said Friday that its third-quarter revenue was up 3.9 percent, but that it had trimmed its work force by 2 percent in January in anticipation of lower federal spending.

The McLean-based contractor, which primarily serves federal civil, defense, and intelligence agencies, said the job cuts mostly came from middle and senior-level management.

“We believe these measures will better position Booz Allen for continued growth by making our cost structure more flexible and freeing up additional resources to invest in growth areas across government, commercial, and international markets,” Booz Allen’s Chairman, CEO and President Ralph Shrader said in a statement.

The company is expanding into commercial and international markets as the federal government looks to rein in expenses.

The company reported revenues of $1.4 billion during the third quarter, compared with $1.39 billion during the third quarter of 2010. Profit more than doubled to $62.9 million, compared with $23.6 million last year.

Booz Allen expects a restructuring charge of $10 million to $14 million pretax in the fourth quarter of this year for termination benefits paid to departing employees.
The company said it still expects year-over-year revenue growth of 4.5 percent to 5.5 percent the current year.