I grew up in Bluefield, West Virginia and was valedictorian of the Bluefield High... more
I grew up in Bluefield, West Virginia and was valedictorian of the Bluefield High School Class of 1989. I enjoyed seven great years in Charlottesville, Virginia earning a bachelor's degree and law degree at the University of Virginia. Living and practicing law in Richmond, Virginia (RVA) since 1996, I have strived to be active in the community through organizations such as the Greater Richmon... view profile
Lee Stephens started his own firm in June 2012 to focus on helping Virginians to... more
Lee Stephens started his own firm in June 2012 to focus on helping Virginians to conserve their land and realize tax benefits. He represents land trusts as well as landowners. Litigation is a growing part of his practice as the more nuanced aspects of conservation donations are challenged. Lee was a shareholder with Spotts Fain and an associate with Williams Mullen. Real property law, tax... view profile
Creating a limited liability company, or LLC, is one of several ways to structure a business. The other choices are general, limited, or limited liability partnerships. A shareholder in an LLC is not personally liable for any of the debts of the company, other than for the money they invested in that company. In a general partnership, all partners manage the business and are personally liable for its debts. In limited partnerships, partners' liability is limited and they have no voice in the decision-making. And in a limited liability partnership (LLP), all partners have some degree of limited liability. A lawyer with LLC experience can help you determine if forming an LLC is advantageous and appropriate for your business. If you decide to form an LLC, the attorney can draft the paperwork you need to formalize your choice, including provisions for management, ownership transfers, and profit and loss distributions.