Forming an LLC in Virginia
Forming an LLC in Virginia in 7 easy steps
- The first step when forming an LLC in Virginia is to choose a name. The name of your LLC must include an LLC designator, such as “Limited Liability Co.” or “LLC”. You must naturally adhere to trademark law and you are not allowed to pick a name that is already used by another LLC. According to Virginia state law, the terms “bank”, “trust company” or “savings & loan” or cannot be used in the name of an LLC. Choosing a name that implies insurance is also prohibited.
- When forming an LLC in Virginia, you are not required by law to involve an attorney. It is however common to let an attorney go through the Operating Agreement since flawed operating agreements have caused serious tax problems for LLC’s. Paying for an attorney is a way of lowering the risk of future IRS trouble.
- File the Articles of Organization for your LLC with the Virginia sate filing office and pay the filing fee. In Virginia, the minimum state filing fee for an LLC is $100.00. (For 25 business days.)
- Arrange an Organizational Meeting where the members (owners) of the LLC adopt the Operating Agreement.
- The company can now get a FEIN (Federal Employer Identification Number).
- The company will need a company bank account for its transactions.
- The company must apply for a local business license in each applicable city or county. In some instances, permits will also be required.
Maintaining an LLC in Virginia
In Virginia, limited liability companies are required to hand in an annual report by July 1st each year and pay an annual report fee of $75.
