Virginia LLC Formation Costs: Read & Save Some $$

All Virginia LLCs must remain in compliance with state law by filing an Annual Report (also known as the Annual Registration Fee) to keep their information up-to-date. Confirming and submitting this report, along with a $50 fee each year, is essential for your LLC’s continued operation and good standing. This annual fee must be paid every year throughout the life of your business to avoid penalties or other sanctions from the State Corporation Commission.

If you’ve taken the initial step of registering your LLC in another state and are now looking to extend your business capabilities into Virginia, it’s time to register as a foreign LLC. This process will ensure that all legalities associated with operating a business within the state of Virginia are met, giving you peace of mind so that you can focus on running your business without worrying about any possible repercussions.

Registering a foreign LLC in Virginia is as easy and cost-effective as it gets – only $100 to file for the Certificate of Registration to Transact Business in Virginia (Form LLC1052). Get started today!

An Employer Identification Number (EIN) or Federal Employer Identification Number (FEIN), commonly known as an EIN number, is a must-have for filing income taxes, opening an LLC bank account and hiring employees. Although many websites charge hefty fees to obtain one for your LLC, you can get it completely free from the Internal Revenue Service (IRS). The online application takes only few minutes and is absolutely costless!

There are many different types of Virginia LLC taxes that owners must pay, so this annual cost varies widely.

Some of the taxes LLC owners pay include:

• Federal and state taxes
• State and local income tax
• Business taxes
• Self-employment taxes
• Collect Sales tax
• Payroll tax (if you have employees)

Unfortunately, since the amount of taxes you owe for your Virginia LLC is contingent on both the type and size of activity within your business, it’s impossible to provide an estimate. Each company has unique circumstances that determine which tax obligations apply to their LLC.

All Virginia LLCs must have a registered agent to accept legal documents on their behalf if they are ever sued. This could be an individual or business entity that agrees to this service of process within the state.

1. Individuals in Virginia who are members or managers of the LLC, a member or manager of an LLC that is part of said LLC, officers and directors of corporations connected to the said business entity, general partners with either limited or general partnerships related to this corporate structure, trustees with trusts associated with it and licensed attorneys from the Virginia State Bar can all be included.
2. In order for a corporation to be lawfully authorized to transact business in Virginia, its designated registered agent must have an active physical address within the state.

Although it is not compulsory in Virginia, an LLC operating agreement is highly encouraged. This internal document sets out the rights and responsibilities of the members and managers concerning how your LLC will operate. Additionally, this agreement helps to protect your limited liability by demonstrating that your company functions as a distinct business entity. Without an operating agreement, state law dictates how everything runs within your organization.

Every LLC located in Virginia or authorized to act within the state is mandated to pay a yearly registration fee of fifty dollars. This payment must be made on or before the final day of the month when your LLC was established, and you will receive notification from Virginia’s Corporations Commission via mail sent to your registered agent at their dedicated address.

To avoid a $25 penalty, the LLC’s annual registration fee payment must be submitted to the Commission by the due date indicated in the notice of assessment. You can easily make your payment online via Corporations Commission SCC efile website or send it through postal mail.