You must submit articles of formation to the Virginia State Corporation Commission (SCC) if you wish to establish a limited liability company (LLC) as part of your business venture. This step-by-step manual will assist you in submitting your articles of incorporation in Virginia.
Select a Name for Your LLC in Step 1 To create an LLC in Virginia, you must first decide on a name for your company. The name must be distinct and not being used by another company in the state. Using the SCC’s online business entity search tool, you can determine whether your preferred business name is available.
Download the Articles of Organization Form in step two. You must download the articles of organization form from the SCC website after deciding on a name for your LLC. The form is available in PDF format, and you can either print it off and fill it out by hand or fill it out electronically.
Step 3: Complete the articles of incorporation form You must include basic details about your LLC on the articles of organization form, including its name, address, and the names and addresses of its registered agent. You must also specify whether your LLC will be handled by members or by a management.
The fourth step is to submit the articles of incorporation form and pay the filing fee. The articles of incorporation form must be completed and submitted to the SCC along with the necessary filing fee. The current article of organization filing fee is $100.
Do Virginians need to submit annual reports? Yes, LLCs must submit an annual report to the SCC under Virginia law. The final day of the month in which the LLC was created is when the annual report is expected. An annual report filing fee is $50. What Do You Mean When You Say Annual Report?
LLCs are required to submit an annual report to the SCC every year. In addition to the LLC’s current address and registered agent, it also gives the SCC the names and addresses of its members and management.
For taxation reasons, LLCs in Virginia are regarded as pass-through entities. As a result, the LLC is exempt from paying federal income tax. Instead, the LLC’s profits and losses are distributed to its members, who then report them on their individual tax returns.
You must submit a federal tax return (Form 1065) to the IRS in order to file an LLC tax return in Virginia. Additionally, you’ll have to pay any unpaid state taxes as well as file a Virginia income tax return (Form 502).
You still have to submit a federal tax return (Form 1065) to the IRS even if your LLC didn’t make any money during the tax year. You will note on the return that the LLC had no revenue or outgoings throughout the tax year. Additionally, you must submit a Virginia income tax return (Form 502) stating that the LLC did not generate any revenue.