An organization created with a charitable objective is known as a Virginia Non-Stock Corporation. This specific kind of corporation is not intended to turn a profit or pay dividends to its stockholders. Instead, it is made to accomplish a certain objective, such as advancing charity, religion, or education. Not-for-profit corporations and non-profit organizations are other names for non-stock firms.
You must submit an Article of Organization to the Virginia State Corporation Commission if you want to form a non-stock corporation. Your organization’s mission, organizational structure, and registered agent are all described in this document. The $75 filing fee for the Article of Organization can be paid online or by mail.
A Certificate of Organization will be given to you once your Article of Organization has been accepted. This document demonstrates your organization’s legitimacy and Virginia state recognition. It contains information on your organization’s name, objectives, location, and registered agent.
If you have a Virginia address where official documents can be delivered during regular business hours, you are eligible to serve as your own registered agent in Virginia. However, it is frequently advised to work with a qualified registered agent to make sure that crucial legal documents are received on time and handled correctly.
Applying to the Internal Revenue Service (IRS) will get your non-stock corporation an Employer Identification Number (EIN). Online, postal, or fax applications are all acceptable. An EIN is a special nine-digit number that serves as your organization’s tax identification number. It is necessary if your business hires staff, submits taxes, or establishes a bank account.
In conclusion, a Virginia Non-Stock Corporation is a non-profit company established with the intention of pursuing a certain objective. You must get a Certificate of Organization and submit an Article of Organization to the Virginia State Corporation Commission in order to start one. Although you can act as your own registered agent, doing so is not advised. You must submit an application to the IRS in order to get an EIN.
There is no specified timeframe given in the article “Virginia Non-Stock Corporation: Everything You Need to Know” for incorporating a business in Virginia. However, there are a number of variables that can affect how long it takes to incorporate in Virginia, including the type of business entity, the complexity of the business structure, and the quality and completeness of the documentation that is submitted. Typically, incorporating a firm in Virginia takes a few days to many weeks.
Instead of discussing LLCs, the article discusses Virginia Non-Stock Corporations. To address your query, Virginia charges $100 for the formation of an LLC.