The filing fee for the articles of organization, which is $100 in Virginia, is included in the cost of incorporating an LLC. But there are extra expenses to take into account, like legal fees for creating and evaluating the relevant paperwork and acquiring any necessary licenses and permits. It’s crucial to remember that the price to incorporate an LLC can change depending on the services needed and how complicated the firm is.
Entrepreneurs should take into account the time needed to incorporate a firm in Virginia in addition to the expense. Applications for LLCs are normally processed by the Virginia State Corporation Commission (SCC) in 7 to 10 business days. However, there is an extra charge for expedited processing.
It’s crucial to know the distinctions between an LLC and a S corporation if you’re thinking about founding an LLC in Virginia. It is a sort of corporation whose “S” stands for “small business” and which enables business owners to prevent double taxation. S corporations, in contrast to LLCs, are subject to a number of limitations, including a cap on the number of shareholders and a range of stock options that may be offered.
A stock corporation, which is a conventional corporation that offers stock to stockholders, is an additional type of corporation in Virginia. Compared to LLCs, stock corporations must hold more formal events such annual shareholder meetings and board elections. Finally, business owners need to be aware that they must register their company in Virginia. You must register with the SCC if you intend to conduct business in Virginia. This covers sole owners, partnerships, LLCs created in other states that wish to conduct business in Virginia.
Final cost of establishing an LLC in Virginia is $100 plus any additional licensing and legal fees. Entrepreneurs should think about how an LLC differs from a S corporation or stock corporation because the SCC normally accepts LLC applications in 7 to 10 business days. All companies doing business in Virginia must also register with the SCC.