Agricultural Co-Op: Three or more persons may form an agricultural cooperative association to engage in the marketing or selling of agricultural products or the goods and services of its members or those purchased from other persons or in connection with any agriculture-related activities. "Agricultural products" are defined as “horticultural, viticultural, forestry, dairy, livestock, poultry, bee and any farm products, in their natural form or process." "Goods and services" means food and beverages, arts and crafts, woodworking and furniture-making, and recycling, composting and repurposing materials.
Broadband Co-Op: Twenty (20) or more persons, either in an individual capacity or as a business, may form a broadband internet services cooperative association to engage in any qualified activity in connection with any internet service; or any activity in connection with the purchase, providing or use by its members of internet services; or in the financing, directly, through the association of any qualified activities.
For-Profit vs. Non-profit. Most businesses are formed with the goal to generate profits. While the aim of for-profit organizations is to maximize profits and forward these profits to the company's owners and shareholders, non-profit organizations aim to provide society's needs (charity, education, religious, literary, or scientific work). Non-profit organizations have no owners. Instead of maximizing profits, they are more concerned with ensuring the revenue is greater than costs. This ensures that the non-profit can still provide society's needs.
Forming a Non-Profit Corporation provides personal asset protection and formalization of your business structure. Entities must qualify under the U.S. Internal Revenue Code Section 501(c). You will need to undertake a separate IRS filing to receive ‘tax exempt' status. If you intend on combining a for-profit business with a public benefit purpose, you may consider a ‘benefit corporation.'
Success - You are well on your way to registering your business. Based on your answers, we have created a list of what you will need to provide to the State, County, and City government.
Please note, this information is supplied as a guide and should not take the place of legal or tax advice. The Secretary of State's Office recommends the consultation of a lawyer or accountant when forming a business.
Companies engaging in certain types of business may be required to file additional registrations, pass examinations, or provide certifications to other agencies or boards of the State of West Virginia. Contact the appropriate agency or board by visiting the links below to ensure your business is properly registered.WV State Agencies and Boards
In most states, you must fill out Workers Compensation Insurance forms. If your business does not fall into the category requiring this insurance, you may still need to attest that you do not provide WCI. Please visit or contact the West Virginia Workers Compensation Employer Coverage Unit to determine what forms are required for your business.
Visit the West Virginia Offices of the Insurance Commissioner website for more information: http://www.wvinsurance.gov/EmployerCoverage.aspx
Stay protected! As a business owner, you will want to consider obtaining business insurance to protect your business and yourself. Although business insurance is an added expense, in many cases, it is also tax deductible. There are many different types of insurance, and the level of coverage needed may depend on many aspects of your business.
Visit the Small Business Administration website for more information: https://www.sba.gov/business-guide/launch/get-business-insurance-assets-liability