There are some rules to follow while picking a name for your Virginia LLC. First, the name must be distinctive from those of other Virginia-registered company entities. This means that the name cannot be the same as or too close to the name of a corporation, LLC, or other legal entity that already exists. On the website of the Virginia State Corporation Commission, you can determine whether your preferred name is available.
Second, the name must contain one of the terms “limited liability company,” “LLC,” “L.L.C,” or “Ltd. Liability Co.” However, in addition to using the legal name of your LLC, you may also decide to use a trade name or fictional name. If you want to use a different name for marketing or branding reasons, this can be helpful.
Which is preferable, an LLC or a sole proprietorship? Your individual business needs and goals will determine whether you should form an LLC or a single proprietorship. The simplest and most affordable business structure is a sole proprietorship, but it has no liability protection. This implies that any debts or legal problems resulting from your business operations are your own responsibility. The limited liability protection offered by an LLC, on the other hand, keeps your personal assets distinct from the debts and liabilities of your firm. An LLC can also offer tax advantages and greater trust with clients and investors.
Using a virtual address is acceptable for your Virginia LLC. A virtual address is a service that gives your company a real mailing address that can be used for both mail forwarding and mail receiving. If you run your business from home or don’t have an actual office space, this may be helpful. However, bear in mind that the registered agent address for your LLC cannot be a virtual address. For your LLC to receive official correspondence and other necessary mail, you must appoint a registered agent who is physically present and has a Virginia street address.
Virginia charges a $100 filing fee and a $50 yearly report fee for the formation of an LLC. Your LLC creation paperwork can be submitted online or by mail. There will be additional costs if you decide to use a registered agent service. Depending on your area and sector, you may also need to seek company licenses or permissions. Can an LLC in Virginia Own Another LLC?
In Virginia, an LLC is permitted to own another LLC. This is referred to as an LLC subsidiary. The parent LLC controls the operations and decisions of the subsidiary LLC since it has the majority of the membership interests in the subsidiary LLC. This might be helpful for dividing up various business operations or assets into several entities for liability or tax protection.
In conclusion, there are other naming rules to follow even though it is not necessary to include “LLC” or “limited liability company” in the name of your Virginia LLC. Your individual business needs and goals will determine whether you should form an LLC or a single proprietorship. For your LLC, you are permitted to utilize a virtual address, but you are required to have a real registered agent with a street address in Virginia. A filing charge, an annual report fee, any additional fees for registered agent services, and any business license fees are all included in the price of forming an LLC in Virginia. Finally, a subsidiary structure in Virginia enables an LLC to own another LLC.