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.

Virginia in a Hurry, 3-13-10

2010-03-12T21:54:05-05:00

Cuccinelli Not Giving In On Gay Bias Policy McDonnell Rejects Calls for More Anti-Bias Rules Budget Stalls Lawmakers Face Overtime Bolling Says Senate Anti-Gun Panel Creation Broke Senate Rules McDonnell Visits Budget Negotiators on Their Own Turf McDonnell Turns Down Clemency Bid Assembly Goes Slow on Tough Ethics Reform Ethics Reform Moves to McDonnell Marsh Stood in Way of Pro-Gun Legislation Armstrong Upbraids Lawmakers [...]

House and Senate negotiators say budget deal is close

2010-03-12T21:43:11-05:00

House and Senate negotiators inched closer late Friday to reaching a deal on Virginia's two-year budget, which will likely allow the General Assembly to pass the spending plan this weekend. They say they have come to general terms on which proposed fees to eliminate and how much to spend on key areas, including K-12 education and public safety. But legislators did not release details of the deal, saying they were still in flux. Much of the negotiations took place privately in a small meeting room in the General Assembly Building. State law requires budget conferees to meet in public if more than six (three from each chamber) are present, but Sen. Ed Houck, a conferee and vice chairman of the FOIA advisory council, said they left the door ajar for anyone to come in. They will continue to work Friday night and Saturday. They are racing to finish before Saturday,

Bolling: subcommittees can’t take final action

2010-03-12T18:56:26-05:00

Galax receives grant for Vaughan-Bassett

2010-03-12T19:46:21-05:00

Galax has received a $300,000 grant for infrastructure improvements needed for Vaughan-Bassett Furniture Co.’s 50,000-square-foot expansion.

The grant will allow the city to improve infrastructure and install high-speed broadband connections.

“With the expansion of Vaughan-Bassett Furniture Company by the funds provided through this block grant, 30 new jobs will be created in addition to the 631 jobs already in place,” Gov. Bob McDonnell said in a statement.

The Community Development Block Grant is a federal fund that is administered by the Virginia Department of Housing and Community Development.

Bon Secours receives international workplace award

2010-03-12T17:24:02-05:00

Bon Secours Richmond Health System has been named one of 25 companies from around the world to receive the 2010 Gallup Great Workplace Award.

The awards program, which is in its fourth year, recognizes companies that have productive and engaged work forces.

The winners were selected following a survey involving at least 1,000 employees, with at least 80 percent responding, and the submission of a detailed best practices portfolio.

Bon Secours is one of 10 health-care related companies on the Gallup list. It is part of Bon Secours Virginia, the state’s fourth largest health-care system. The Richmond-area Bon Secours health facilities include St. Mary’s Hospital, Memorial Regional Medical Center, Richmond Community Hospital and St. Francis Medical Center.

Lt. Gov. Bolling: Anti-gun bill panel creation broke Senate rules

2010-03-12T15:33:36-05:00

Yes, Democratic leaders in Virginia's Senate broke the rules when they killed a bunch of gun rights bills in a specially formed subcommittee. And, no, there's not a thing anybody can do about it. That's the upshot of a ruling that came down Friday from Lt. Gov. Bill Bolling (R), who is president of the Senate. The controversy began when Senate Majority Leader Richard Saslaw (D-Fairfax) and Courts of Justice Chairman Henry Marsh (D-Richmond) created a special subcommittee to consider several gun bills passed by the Republican-controlled House, including an attempt to repeal Virginia's ban on buying more than one handgun a month. Almost all of the gun bills, except those that were similar to measures adopted by the Senate, died there last week on party-line votes. Among the dead was Del. Scott Lingamfelter's (R-Prince William) closely watched attempt to repeal the gun-a-month law. Some gun-control advocates praised the end

Baliles v. Cuccinelli

2010-03-12T15:15:57-05:00

The written statement of former Governor Baliles: STATEMENT OF GERALD L. BALILES, FORMER GOVERNOR OF VIRGINIA, FORMER ATTORNEY GENERAL OF VIRGINIA The Attorney General’s recent opinion to presidents, rectors and visitors of Virginia’s public colleges and universities has, unfortunately, created something of a political “firestorm” in the Commonwealth and generated unflattering impressions across the country about [...]

Cuccinelli stands by advice to colleges on gay policies

2010-03-12T13:30:38-05:00

Attorney General Ken Cuccinelli said this afternoon that it remains his legal advice that Virginia's colleges and universities should remove language dealing with sexual orientation from campus anti-discrimination policies. In brief comments to reporters after briefing lawmakers on redistricting laws, Cuccinelli said he still believes colleges are limited in their ability to adopt policies by authority extended to them by the General Assembly. The legislature has repeatedly declined to embed legal protections for gays into statute. "What I said in my March 4 letter was accurate advice under Virginia law, and it still stands," Cuccinelli said, referring to a memo sent to every college and university last week that touched off a political uproar. Colleges, he said, "don't have any more authority than the General Assembly gives them--which is a similar position as the localties. And until the General Assembly gives them more authority, their quarantined by what they've got.".

SCC lowers rates for Dominion customers

2010-03-12T14:02:12-05:00

The Virginia State Corporation Commission has approved a resolution of electric rates that will save Dominion Virginia Power customers $726 million.

Customers will also receive a refund for higher base rates that have been in effect since Sept. 1 and refunds for two rate adjustment clauses.

An average customer using 1,00 kilowatt-hours each month will pay $99.07 per month instead of $108.36 that current customers pay, a savings of $9.29 each month. The

An average residential customer will receive $153 in bill reductions, including $80 over the next nine months and $32 in 2011 and 2012. The order also includes a reduction in transmission rider charges over eight years that will total $41.

The plan keeps Dominion’s base rate the same through Dec. 1. 2013, although fuel and other rates could change.