A Virtual Corporation is an online company which can be run by individuals who own the intellectual property or branded startup services, that can enjoy limited liability and can open bank account, distribute net proceeds to firm participants who have contributed value, and enter into contracts with 3rd parties.

Requirements to enable this new online mode of economic production require some minor changes in existing law. It's not surprising our current laws regarding corporate communications and limited liability companies (LLC) do not fully recognize the vast capabilities of the World-Wide-Web and Internet.

Since we can communicate and collaborate electronically from anywhere, it's time to eliminate the artificial requirements of paper-based filings, of physical, face-to-face real-time meetings, and of physical company headquarters (while preserving, of course, the requirement of a corporate agent for service of process). Allowing the Secretary of State to prescribe document formats and delivery methods for electronic filing allows for a company formation process that can adapt to the needs of online companies and to the ever-changing array of online communication tools. Electronic filings have the additional advantage to the Secretary of State of modernizing the new business and startup filing process, enabling a more efficient and accurate record system.

Holding meetings in an entirely online forum is only a small departure from current practice, which regularly involves the use of telephone communication and in sync communications tools. Also permitting wide participation by company employees and members, providing the flexibility necessary to accommodate a global membership base rather than state specific. The traditional requirement that a business entity retain a physical place of business is a vestige of a different time and way of thinking.

Already in effect, the act of filing in the State of Vermont is sufficient to confer jurisdiction and online companies should not be required to have more of a local presence than an agent for service of court documents and legal process.

More information is arriving soon about LLC's and incorporating, business financing, corporation maintenance, business start-ups, new company formation, acquiring a state trade name certificate, company naming research, incorporations and using the web-based services of a business financial network...Virtual Corporation will also offer virtual incorporation products and corporate services.