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Practice Areas - Great Falls
"Thank you so much, Megan, for your innovative spirit and amazing ability to help me understand business laws that, at times, seem overwhelming. Your help with a collaboration agreement led to something meaningful and workable with limited legalese. I trust you to get things done with clarity, timeliness and with an eye toward simplicity."
- Roz Kay, Partner, Innovation Partners
International, Bethesda, MD 20816

"I recently purchased a small business in Falls Church, VA and needed the help of a lawyer. I was lucky enough to find Megan. She assisted me throughout the transition, working diligently to ensure I understood each aspect of the sale. What I appreciated most however, was her personal support and enthusiasm for my career move. I felt she held a genuine interest in my business, rather than being treated as just another legal transaction."
- A Virginia S-Corporation also qualified in Washington, DC
"D&P Creative Strategies, LLC engaged Megan Wallace two years ago for estate and business planning. She is a first-class experienced professional and dedicated attorney who will bring immense value to companies and individuals looking for strong legal representation."
- A Virginia limited liability company, Falls Church, VA

"Megan established our LLC walking us through the process, explaining details and filing the required forms. She helped us work through various states requirements as our property was held out of state. Additionally, she has advised us regarding delinquent renters and written related letters for us. We have always been extremely satisfied with the quality of her services and found her advice to be sound. We would not hesitate to use her again."
- A Virginia limited liability company, Alexandria, VA

"Megan is highly knowledgeable and personable ~ I have thoroughly enjoyed getting to know her. She has assisted me in establishing my company and guided me through the process as well as other legal matters. I have complete trust and faith in her abilities. She is never more than a phone call or email away and is very responsive. I have recommended her to colleagues and will continue to do so."
- A Virginia limited liability company, Alexandria, VA

Business Law

Wallace Law has extensive experience in assisting business clients. The principal of Wallace Law, Megan Wallace, has an advanced tax law degree, which makes her uniquely qualified to counsel clients on matters related to business entity selection and formation, as well as ongoing operational issues. Whether our clients are starting a new venture, merging two business entities, acquiring a new business or selling an existing business, Wallace Law is committed to building partnerships with our clients that help them succeed.

The most important decision when starting a new business is deciding the proper type of entity. The proper selection depends on, among other things, the immediate and long-term goals of the business owner or entrepreneur. We will work with you to determine the type of business entity that meets your specific needs and goals regarding tax planning, liability protection, asset protection and daily operations. Additional aspects that should be considered when choosing a business entity include ease of management, ease of financing transactions, the cost of forming the entity, and the cost of annual filings.

The most common business structures available are:

  • Sole Proprietorships
  • Limited Liability Companies (LLCs)
  • Professional Limited Liability Companies (PLLCs)
  • General Partnerships
  • Limited Liability Partnerships (LLPs)
  • Subchapter S-Corporations (S-Corps)
  • Subchapter C-Corporations (C-Corps)

We will explain the various entities available to organize your business and the risks and benefits of each. In our initial consultation we typically discuss entity selection, capitalization requirements, entity name selection, liability reduction strategies and long-term business goals.

Wallace Law can also provide the following corporate services to your business:

  • Determining the proper jurisdiction for your business;
  • Entity name selection counseling, including name availability searches;
  • Serving as Resident Agent;
  • Drafting and filing Articles of Organization, Articles of Incorporation, a Certificate of Limited Liability Partnership, or other necessary documents;
  • Drafting Operating Agreements, Bylaws, or Partnership Agreements;
  • Drafting organizational documents for the initial board of directors for corporate entities;
  • Preparing Form SS-4 and contacting the Internal Revenue Service to obtain an employer identification number (EIN);
  • Qualifying the newly-formed entity as a foreign entity in other jurisdictions in which it does business;
  • Working with your accountant to determine the necessary and proper tax forms to be completed;
  • Drafting contracts such as confidentiality agreements, consulting service agreements, compensation agreements, and other necessary contracts;
  • Drafting and reviewing lease agreements, including personal guaranties; and
  • Business succession planning

Wallace Law provides comprehensive legal services for startup companies and existing businesses. Please contact us today to discuss how we can help your business succeed.

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