Would you wish to eliminate the doubts and confusion on how to start an LLC in Virginia? Would you rather spend your last buck paying an attorney to do the process for you, or would you want to learn the process?
Forming an LLC in Virginia may seem like an uphill task when you don't know what is required. It becomes more challenging when you don't know how much it will cost you to form the Virginia LLCs business. How fast do you want your LLC business to start operations? And how long will it take to file documents and your business entity to achieve legal status? How to start an LLC in Michigan and How to form an LLC in Wisconsin are reviews of other state where the whole process is seamless. Or find out how to start an LLC in Texas in an affordable and easy way. In addition, learn how to start an LLC in PA, or how to form an LLC in Maryland, the other two states where setting up an LLC is simple, similarly to the Illinois LLC formation process, or Colorado LLC formation process.
Lucky for you, you don't have to struggle to look for answers on the requirements to form an LLC. With our massive experience and in-depth research on forming an LLC company, you can expect the most accurate answers.
You can also check out our best LLC formation service reviews and our best state to form LLC article.
How do I set up an LLC in Virginia?
If you want to set up an LLC business in Virginia, or to find out how to form an LLC in NC nearby, nothing should hold you back. The state has an effortless LLC formation process, and you'll be done with it before you even realize it. Also, some states have specific requirements, if you want to find out how to start an LLC in Florida, for example. Some states, on the other hand, offer flexible taxes, as you'll see in our how to start an LLC in NY review. Also, if you take the steps to form an LLC in Ohio, your private assets will be protected, unlike in some other states.
To start a Virginia LLC, you will need to meet all the requirements and pay the necessary filing fee.
One thing we like about the application process of forming Virginia LLC is the versatility. The process can be done online or by mail, or you can file in person.
If you are looking for reliable Virginia LLC business formation services, you can look at our objective IncFile review. Additionally, we reviewed Rocket Lawyer to help you learn more about Virginia state bar and other legal services in starting your business.
How much does it cost to start an LLC in Virginia?
If you don't want to get started because you are afraid it will be expensive for you, worry no more. It won't cost you a lot to start a limited liability company in the state of Virginia. For those who want to know how to start an LLC in California, don't be alarmed, we got you covered.
Are you looking for an affordable LLC formation service? Check out our Zen Business review and decide if it a worthy option.
To get registered, the Commonwealth of Virginia requires you to file Articles of Organization to start the limited company. You are required to pay a state filing fee of $100 to form the LLC business.
If you file the Articles of Organization online, you need to pay an additional $3 convenience fee.
The other fees apply when it is time to file the annual reports. Whether you are operating Virginia or foreign LLCs, you need to file a report every year. For the report, you need to pay a registration fee of $50. If you don't file the report in time, you need to pay a $25 penalty. You can also find out how to start an LLC in NJ and how much that cost.
How long does it take to start a Virginia LLC?
How long it takes to form an LLC business in the state of Virginia may differ depending on your method of filing your Articles of Organization.
If you file the documents for your LLC business online, you can get your certificate even on the same day. However, it will cost you an additional $3 as a convenience fee to form the limited liability company.
If you file for the Virginia LLC in person or by mail, it may take up to 28 days to process the paperwork.
So, when you want to form a Virginia LLC, how do you go about it?
Step 1: Select your Virginia LLC filing option
As mentioned earlier, there are several options available when you want to file your articles of organization.
Why is it important to select your filing option?
Your choice of filing system will determine how long your LLC formation will take, and it may also present the difference in cost.
So, what are the available options for filing the Articles of organization?
First, you can submit the files in person to the Virginia state. You can get the Articles of Organization PDF document download, which you can download for free. When you are through filling the forms, you can then submit them to the Virginia state.
You can also file the forms online. It is the fastest option though it comes with an additional convenience fee.
You can also seek the services of a registered agent service to carry out the registration for your Virginia business.
Step 2: Choose a company name for your LLC
After choosing the best option to file your Articles of Organization, you should then choose a name for your Virginia business, preferrably one that catches the eye of possible angel investor (of course, it all depends on what potential your business idea has).
The name you choose should be unique and distinguishable from the names of other companies or corporations in Virginia.
The name must include the phrase "limited liability company" or the abbreviations LLC or L.L.C.
Additionally, the business name should not include words that would confuse it with a government agency or state department.
Like in other states, you don't need to use the business's legal name in your transactions. Instead, you can choose an alternate name that you use in your business operations. To use an assumed name, you should file a certificate of the assumed name with the clerk's office of the host county's circuit court.
You should pay a $10 fee to the state and then file the Virginia State Corporation Commission certificate.
Step 3: Select a Virginia LLC registered agent
Who is a registered agent, and why do you need one?
A registered agent is an individual or entity that acts on behalf of the Virginia LLC business. The registered agent receives the tax forms, lawsuits, and legal documents on behalf of your LLC business.
The registered agent can be a corporation such as a registered agent service, or a resident of the Virginia state. You need to make sure the agent has a street address in Virginia.
Step 4: File the Articles of Organization with the state corporation commission
An LLC in Virginia is created by filing the Articles of Organization, also known as form LLC-1011. You should file the articles with the Virginia state corporation commission.
What should the Articles of Organization include?
Name of the LLC business
Name and address of the registered agent
Signature of the business organizers
Step 5: Come up with a Virginia LLC operating agreement
Do you need an operating agreement for your LLC business?
Absolutely.
There is no law in Virginia state that requires you to file an operating agreement with the state corporation commission while forming an LLC. However, operating your LLC business without an operating agreement may be a recipe for conflicts in the future.
An operating agreement ensures that the members and managers are reading from the same page in running the business.
It outlines the rights and responsibilities of the managers and members to prevent conflicts in running the LLC business. It also helps to preserve the limited liability of your LLC business by ensuring it is a separate entity.
Step 6: Get an employer identification number for your LLC
Whether your LLC is a one member or multi-member company, it requires you to get an employer identification number (EIN). The EIN helps to identify the LLC business for tax purposes and in opening a bank account.
If you for a single-member LLC, you need an EIN even if you wish to hire employees in the future. It also helps to have it elected as a corporation so that it will not be taxed as a sole proprietorship.
If you'll have employees or you'll be collecting sales tax, you need to register with the Virginia Department of taxation. You can register online for state tax purposes.
Why else do you need an EIN apart from for the state taxes purposes?
You should obtain an EIN when you want to open a bank account for your LLC business.
Simply put, the EIN is the social security number of your LLC business.
Apart from the EIN, your LLC business may require you to get any other business license depending on your operations.
When your business has met all the requirements and attained legal status, you get a certificate of good standing.
Step 7: File an annual report
What happens if you have a foreign LLC that you want to register in Virginia state?
If you have a foreign LLC that is organized outside Virginia state, you should register it with the Virginia corporations commission. You also require to get a registered agent who is a resident of Virginia for service of process. The trusted agent can also be a corporation or trustee that has the authority to operate in Virginia state.
To register the LLC, you should file an application to transact business in Virginia state as a foreign LLC. You can complete the application online and pay a $100 filing fee.
You should accompany the application with a one-year old certified Articles of Organization from the home state. Also, ensure the LCCs name is available in the state of Virginia.
Conclusion
Whether you want to set up your LLC as a small business or big corporation, our comprehensive guide helps you in making the process seamless. Follow the steps and have your LLC up and running within no time.