There are multiple larceny offenses defined by the Code of Virginia, each of which carries its own burden of proof and penalties. Broadly speaking, larceny is the unlawful taking of another person’s property. In some instances, larceny does not involve a physical taking; for example, embezzlement and making false statements to obtain credit are both considered larceny offenses. Two of the most commonly charged theft crimes are grand larceny and petit larceny. Three acts constitute grand larceny: unlawfully taking money or anything valued at $5 or more from another person, taking goods or property valued at $1,000 or more without permission, and illegally taking a firearm. Grand larceny is punishable by up to twenty years in prison and fines of up to $2,500. Petit larceny is the theft of things that do not meet the minimum value needed to impose a charge of grand larceny. Specifically, a person can be charged with petit larceny for unlawfully taking money or other things valued at less than $5.00 from another person or taking goods or property valued at less than $1,000 without permission. Petit larceny is a Class 1 misdemeanor that carries penalties of up to a year in prison.