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Virginia is where you should form an limited liability company.
A popular way to structure a business is as a limited liability company.If you are a registered limited liability company, your taxes are similar to taxes for a sole proprietorship or partnership.The state of Virginia requires certain things in order to become a registered limited liability company.To get the process going, you will need to name and register your limited liability company with the State Corporation Commission.
Step 1: You can choose a name for your business.
One of the most important steps is to register your company.Think of a name that works well with your business venture and is easy to get along with.Many of your clients will be looking up your business information online, so you want to come up with a name that is easy to search for online.The name must have the words "Limited Liability Company" in it.If you use restricted words like "Bank" or "Banque" you will need to complete additional paperwork and have a licensed individual as a member of the limited liability company.Federal or state agency names like FBI, State Treasury, Secret Service should not be used in your company's name.If the name is not already taken by another business, you should do a name search on the Virginia business name database.If you want to reserve the domain name for your website, you need to confirm the name of your company is available as a URL.If you don't make a website right away, you should buy a domain name to prevent other businesses from using it.
Step 2: The State Corporation Commission can register an limited liability company.
The Commonwealth of Virginia State Corporation Commission has a form that you can fill out.You can reserve the name for up to 120 days.You need to include your name, address, phone number, and signature on the form in order to mail it.The form can be found on the Virginia SCC website.$100 is the filing fee for this form.
Step 3: If you want a registered agent for your business,Nominate them.
The registered agent can receive and send documents on your behalf.The person must be a resident of Virginia or a corporation authorized to conduct business in Virginia.The registered agent is an individual within the company.A registered agent service can be used.There are several benefits to using a registered agent service, one of which is that they will be open all week to accept important legal documents for you.If you use a registered agent service that is located in a state you don't live in, you can form an limited liability company there.Privacy is ensured by protecting your home address and personal information from the public record.These services can remind you of important deadlines that are due to ensure you are always in compliance with the law and will keep copies of corporate documents in the event you suffer a theft or loss.
Step 4: If you want to apply for an employee identification number, you have to do it through the IRS.
If you have more than one member in your company, you will need to get an EIN from the IRS.An EIN is used to identify your business and can be used as a social security number.To open a bank account, file federal and state taxes, and hire employees, you will need an EIN.You can get an EIN from the IRS for free if you apply online.In order to get an EIN, you need to print and mail the form.
Step 5: Become familiar with the tax requirements of Virginia.
Virginia has certain federal income tax classifications.Depending on the type of taxation you have set up for your company, you will have different federal tax responsibilities.To make sure you are aware of all the taxes your company will need to file, talk to your accountant.You can find the state guide to tax filing requirements for Virginia on the legal encyclopedia.If you have employees and you are selling a physical product that requires sales tax in Virginia, you will need to register for state taxes.
Step 6: An operating agreement with your members is needed.
Even though Virginia does not require an operating agreement for limited liability companies, it is a good idea to create one with the other members of your group.The state of Virginia will recognize the operating agreement as a governing document.The ownership and operating procedures of your limited liability company should be outlined in this document.There are free operating agreement templates that can be found here: http://howtostartanllc.com/learn-the-basics/what-is-an-operating-agreement.All members of the limited liability company should sign the operating agreement drafted by your lawyer.The registered agent for your company should keep a copy of the signed operating agreement.
Step 7: Determine if you need a business license.
Depending on the type of limited liability company you are operating, there are different regulations for different types of business.If your business is involved in construction or building, you may need permits.You need a business license to make sure you are complying with federal, state, and local regulations.Depending on the type of licenses you need, the fees for business permits and licenses will vary.Contact your local Commissioner of Revenue or Department of Finance to find out if you need a business license.There is a list of requirements in your area.There is a guide on the SBA website on how to get the correct licenses and permits for your business.
Step 8: In Virginia, you have to pay an annual registration fee for limited liability companies.
You will need to pay a $50 annual registration fee to maintain your limited liability company status in Virginia.You have to pay the fee to the State Corporation Commission every year on or before the last day of the month in which you created your limited liability company.If the Commission doesn't receive the annual fee payment, you will be hit with a penalty and lose your status.You can pay the annual fee by mail or online.
Step 9: You need to apply for business insurance.
You will need to consider what types of insurance are required for your business once you have formed and registered a limited liability company.You will need to apply for Workers Compensation Insurance if you have employees at your company.Most businesses that employ workers need this form of insurance.You can learn more about Virginia's Workers Compensation Insurance requirements at this website: http://www.howtostartanllc.com/learn-the-basics/what-is-workers-compensation.Most states don't require General Liability Insurance to protect your business from legal claims.General Liability Insurance can be used in the event of a legal issue.Purchase General Liability Insurance for your company to protect it.
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