You must submit an annual report to the State Corporation Commission (SCC) if you own a business in Virginia. Every year, by the last day of the month in which the corporation was formed or registered to conduct business in Virginia, the report is due. We will outline the procedure for submitting an annual report in Virginia in this article, along with some frequently asked questions.
You need to gather certain information about your company before you start the filing process. Included in this are the name of your corporation, your SCC ID, and the contact information for your registered agent. Along with it, you’ll have to list the names and addresses of your corporation’s executives and directors.
Step 2: Log in to the SCC eFile System You will require access to the SCC eFile system in order to submit your annual report online. This can be done by going to the SCC website and selecting “eFile” from the top menu. You will then be asked to either create an account or log in if you already have one.
Third step: submit your annual report Your annual report can be filed once you have logged into the eFile system. As you proceed, the system will direct you and prompt you to enter the data you acquired in Step 1. The yearly report fee, which is presently $50 for domestic firms and $100 for foreign corporations, must also be paid.
The SCC will send you a confirmation email once the filing procedure is finished. This email serves as confirmation that your yearly report was submitted and that your business is in good standing with the Virginian government.
Depending on the kind of business entity you select, Virginia’s business registration fees change. For instance, a stock corporation must pay $75 to submit articles of incorporation, whereas a limited liability company (LLC) must pay $100 to do so. There can also be additional charges for registering your firm, such as franchise taxes or filing costs for annual reports. What Does a Virginia Stock Corporation Mean?
A stock corporation is a particular kind of corporate entity in Virginia that distributes shares of stock to its owners. These shareholders possess stock in the company and are qualified to vote on important business decisions including the election of directors. Larger companies that intend to raise funds by selling shares of stock to investors frequently employ stock corporations.
An S corporation is a type of corporate entity that, in Virginia, enables the corporation to prevent double taxation by passing through profits and losses to the shareholders. The Internal Revenue Code’s “Subchapter S,” which establishes the rules for S companies, is what the “S” in “S corp” stands for. A company must fulfill a number of requirements, such as issuing only one class of stock and having no more than 100 shareholders, in order to be eligible to become a S corporation.
Use the online business entity search tool provided by the SCC to determine whether a company is legitimate in Virginia. You can use this tool to look up firms by name or SCC ID number, and it will provide you details about its present position, including whether or not it is in good standing. This application also allows you to access other papers submitted to the SCC by a company, such as its annual report filings.
Your business entity may be deemed in default if you fail to submit an annual report in Virginia, and you could be subject to fines, status revocation, and even loss of your company name, among other consequences. Furthermore, it’s possible that your company won’t be able to get a certificate of good standing, which could affect your ability to get financing or conduct business in other states.