To create a S Corp in Virginia, you must first decide on a name for your company. The name you select must be original and not being used by another Virginia corporate organization. By conducting an online search of the Virginia State Corporation Commission’s database, you can determine whether a name is available.
Second step: submit articles of incorporation The Virginia State Corporation Commission must then receive the articles of incorporation. The name, address, and purpose of your company, as well as the initial directors’ and officers’ addresses, must all be listed in these articles. The cost of submitting your articles of incorporation is $75.
Step 3: Register for taxes and get an EIN After the IRS has accepted your articles of incorporation, you must apply for an Employer Identification Number (EIN) from them. To identify your company for tax purposes, use this number. Additionally, you’ll have to register for all applicable local, state, and sales taxes.
Although Virginia does not mandate that corporations have bylaws, it is a good idea to write them so that your company has policies and guidelines. To adopt the bylaws, choose officials, and conduct other business, the board of directors must also convene for the first time.
The fees for submitting articles of incorporation as well as any additional fees for obtaining an EIN or registering for taxes all affect how much it will cost to set up a S Corp in Virginia. Generally, the cost to form a S Corp in Virginia ranges from $500 to $1,000.
You can use the Virginia State Corporation Commission’s website to search their business entity database to find a corporation in Virginia. You can do this to discover details about a certain organization, such as its name, location, registered agent, and status. Final Thoughts:
In Virginia, forming a S Corp involves thorough planning and attention to detail. You can make sure that your company is properly set up and prepared for success by according to the instructions provided in this book. Don’t forget to confirm your company name’s availability, file articles of incorporation, get an EIN and register for taxes, draft bylaws, and have the first board of directors meeting. You’ll be well on your way to managing a prosperous S Corp in Virginia once you’ve finished these stages.
Yes, S companies may file composite tax returns in Virginia. Nonresident shareholders who receive income from the S corporation can file and pay their Virginia income tax obligation collectively rather than individually thanks to composite tax filings. Both the S corporation and its nonresident stockholders may benefit from making their tax filings easier as a result.