How To Form an LLC In Virginia
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1. Choose a Name for Your Virginia Limited Liability Company
Check for an Available Name for the LLC in Virginia: In order to form an LLC in Virginia, you need to choose a name for your LLC that is not in use by another LLC in Virginia. Before you file Articles of Organization, you should search online databases and other records to see if the name that you want to use is available. A database of business entities is available to search on the official website of the Virginia Secretary of State at Virginia LLC.
Reserve a Name for Your Virginia LLC: If you will not be filing Articles of Organization in Virginia for some time, you might want to reserve the name that you have chosen for your LLC. You can find the application to reserve an LLC name at Virginia LLC. You will pay a filing fee of $10.00 for this application and your LLC name will be reserved for a period of 120 days.
Filing for Trademarks Protection and Doing an LLC Name Search: An LLC is another state may be using the name that you have chosen, even if the name is available in Virginia. It is recommended that you consult an attorney to find out what kinds of restrictions there may be on your use of the LLC name that you have chosen. For more information about choosing a name for your LLC, visit how to choose a name for your llc___.
Virginia LLC Name Requirements: You are required to include the designation "LLC," “L.L.C.,” “LC,” “L.C.,” or "Limited Liability Company” in the name of your Virginia LLC. The “C” in “LLC” stands for “Company,” and not “Corporation.” Keep in mind that LLCs are distinct business entities from corporations and are organized differently.
2. Find a Registered Agent in Virginia
In order to form an LLC in Virginia, you need to have a registered agent. Registered agents act as agents for service of process and receive tax forms, official documents, and legal notices on behalf of LLCs and corporations. You may choose an adult resident of Virginia as your registered agent, or you may choose to use the services of one of the corporate services companies in Virginia that provide registered agent services for LLCs. The fee for these services is generally around $75.00 to $150.00.
3. File Articles of Organization with the Virginia Secretary of State
Minimum Requirements for the Articles of Organization: The Articles of Organization that you file for your Virginia LLC needs to include the name of your LLC, the street address of your principal office, the name and street address of your registered agent, and the signature of the organizer. You can find a form for this document online at Virginia LLC.
Other Virginia Legal Provisions: You may choose to include additional provisions in your Articles of Organization. It is recommended that you consult a lawyer so that you can include the additional provisions that are the most beneficial and important for your LLC.
Where to Submit the Articles of Organization for Filing: Send your signed Articles of Organization to the Clerk of the State Corporation Commission, P.O. Box 1197, Richmond, Virginia 23218-1197.
Filing Fee: The filing fee for Articles of Organization in Virginia is $100.00. Do not send cash.
4. Form a Virginia Limited Liability Company Agreement (Operating Agreement)
After filing Articles of Organization to form your LLC, you will want to create an LLC Agreement to govern operations of your LLC. You can create an LLC Agreement that is customized to the specific needs of your company. When you are creating your LLC Agreement, ask yourself what the purpose of your LLC is. Will your LLC be running a landscaping company, a clothes boutique, an Internet start-up, a real estate holding company, a restaurant, or some other kind of business? You will also want to decide how you will admit new members to your LLC, how you will organize the members, how you will distribute money among the members, and how you will vote to make decisions in the company. You will also want to discuss what will happen if you decide to sell the company or incorporate one day. Because there are so many things to consider when you are creating your LLC Agreement, it is recommended that you consult a lawyer and an accountant when it is time to create your LLC Agreement so that you can be sure that your LLC is in compliance with all state requirements and federal tax laws.
You will also need to make securities filings for your LLC, obtain an EIN from the IRS, and apply for a business license. You may choose to have a corporate services company help you make these filings for your LLC. For more information about how to apply for a business license in your city, visit http://www.cityapplications.com/business-licenses.html.
5. Qualify Your Virginia LLC to Do Business in Other States
You need to qualify your LLC in order to do business in states outside of Virginia. If the main office of the company is located outside of your home state, you need to qualify your LLC before you can do business in that state. Most states require that you pay taxes in your home state when you do business in other states. For more information about how you can qualify your LLC to do business in other states, visit [Qualifying to Do Business in Other States].
6. Make Annual Filings and Pay Annual Taxes in Virginia
You may need to make some periodic reports for your LLC. You should contact the Secretary of State if you have questions about what reports are required for your company. You must file a tax report annually and pay the required taxes for your LLC. For more information about the taxes that will apply to your LLC, visit the official website of the Virginia Department of Taxation at Virginia LLC.
There are many important decisions that you must make in the process of forming an LLC in Virginia. It is recommended that you consult an accountant and an attorney so that you can be confident that forming an LLC is the right choice for you and that all your paperwork is being processed correctly.
This article is for informational purposes and does not constitute legal, financial or tax advice. This information is derived from various sources and should not be relied on as an official source of information. All information should be independently verified. You should consult a legal or accounting professional before incorporating your business.Search by State
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