With its skilled workforce and educated talent, Virginia is a great state to form a business. If you’re looking to start a limited liability company (LLC) in the state, you’re in the right place. This guide outlines the key steps to register an LLC in Virginia and get your business off the ground.
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Virginia LLC Quick Facts
- To register an LLC in Virginia, you must file Articles of Organization.
- The filing fee to start an LLC in Virginia is $100.
- To maintain your Virginia LLC you will need to submit an Annual Registration Fee.
6 Steps to Registering an LLC in Virginia
Forming an LLC in Virginia is a straightforward process. Follow these steps to register your LLC in the state.
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- Name Your Virginia LLC
- Appoint a Registered Agent
- File the Articles of Organization
- Create an Operating Agreement
- Obtain an EIN and Handle Taxes
- File a Beneficial Ownership Information Report
Step 1: Name Your Virginia LLC
To start, you need to decide on a name for your LLC.
In Virginia, there are specific requirements for LLC names that must be followed:
- The name must include “Limited Liability Company”, “LLC”, or “L.L.C.”
- It must be unique and distinguishable from any other business entity registered in the state
- Terms that imply government affiliation or misrepresent the nature of your business are not allowed
For a comprehensive list of naming requirements for LLCs in Virginia, refer to the state’s official regulations.
It is crucial to ensure the availability of your chosen business name by conducting a name search through the Virginia State Corporation Commission’s website.
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Step 2: Appoint a Registered Agent
To register an LLC in Virginia, one important step is to select a registered agent for your LLC. A registered agent is a person or entity responsible for accepting legal documents like subpoenas and lawsuits on behalf of your business.
The registered agent must have a physical address in Virginia where they can be reached during normal business hours.
If you decide to hire a professional service, make sure they are authorized to do business in Virginia and have a physical address in the state.
Who Is Eligible to be a Registered Agent in Virginia?
When choosing a Registered Agent for your Virginia LLC, you have a few options. You can designate yourself as the Registered Agent, appoint a trusted friend or family member, or hire a professional Registered Agent service.
Step 3: File the Articles of Organization
The next step is to submit your Articles of Organization to the Virginia State Corporation Commission. This document establishes your LLC as a legal entity in the state.
You can do this online or by submitting Form LLC1011: Articles of Organization by mail.
The filing fee is $100.
We recommend that you prepare the following details prior to filing:
- Your LLC’s name and address
- The name and address of your registered agent
- The name and signature of your LLC organizer
Quick Note: If you’ve already registered your LLC in another state, you need to register as a foreign LLC in Virginia. To do so, you must submit an Application for Certificate of Registration online or by mail along with a $100 filing fee.
Step 4: Create an Operating Agreement
Once your LLC is officially formed, it’s important to create an Operating Agreement that outlines the ownership structure, management responsibilities, and operating procedures of your business. This document is not required by the state of Virginia, but it is highly recommended to avoid disputes among members in the future.
Step 5: Obtain an EIN and Handle Taxes
Once your LLC is registered in Virginia, the next step is to obtain an EIN (Employer Identification Number) from the Internal Revenue Service (IRS). LLCs in Virginia are required to obtain an EIN for tax purposes, opening a bank account, and hiring employees.
To obtain an EIN, you can apply online for free on the IRS website. The process is simple and can be completed in a matter of minutes.
Once you have obtained your EIN, it is important to understand and manage your tax obligations as an LLC in Virginia. Visit the Virginia Department of Taxation website for more information about registration and filing requirements.
Step 6: File a Beneficial Ownership Information Report
As of January 2024, all LLC owners are required to submit a Beneficial Ownership Information (BOI) report with the US Financial Crimes Enforcement Network (FinCEN).
New LLCs must complete the filing within 90 days of formation. However, existing LLCs must complete the filing before January 1st, 2025.
Failure to file a BOI report may result in a $500 per day fine.
You can complete this filing for free on the FinCEN website.
Next Steps
- Open a business bank account to ensure your personal and business assets are separated. We recommend Lili for LLCs looking to open a bank account in minutes and gain access to a wealth of financial tools.
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- Apply for any permits and licenses that may be required on a state or federal level. Visit the Virginia state website for more information on licensing requirements.
- Submit an Annual Registration Fee to the State Corporation Commission to ensure your LLC maintains its good standing.
- Secure business insurance such as general liability, workers’ compensation, and personal liability insurance to ensure your business is protected. Next Insurance can help you get affordable, fast coverage for your business.
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Additional Tips for Success
- Build a strong network: Connect with other entrepreneurs, mentors, advisors, and leaders in your industry to expand your opportunities and receive valuable support throughout your business journey.
- Keep track of your compliance requirements: Virginia has specific reporting and fee obligations that LLCs must adhere to in order to maintain compliance with state regulations.
- Plan for the future: Develop a strategic roadmap outlining the goals and objectives for your company to ensure that you are on track to achieve important milestones and maximize your business success.
Conclusion
To register an LLC in Virginia, it is important to follow a series of steps to ensure the process goes smoothly and your business is properly established. By following these steps diligently and ensuring all requirements are met, you can successfully register an LLC in Virginia and set your business up for success.