Virginia entrepreneurs may benefit from considering the Virginia Business Trust--a flexible, statutorily-created business entity--over Series LLCs. Both offer intra-entity liability protection by keeping assets in separate series, or "cells." Both may be governed by their owners or a non-owner manager. But, when it comes to ongoing maintenance and recordkeeping, the Virginia Business Trust is the clear winner, both for its ease of use and substantial cost savings.

Under the Corporate Transparency Act, FinCEN now requires Beneficial Ownership Information Reporting from almost all businesses.