| Virginia FAQs info@incsmart.biz Open 24 Hours 702-403-8432 |
incsmart.biz
| Disclaimer: Please note that IncSmart is not a law firm or an accounting firm. If you seek legal or tax advice, we recommend that you hire an attorney or a CPA. |
FAQ: Frequently Asked Questions For Virginia
Name Endings
1. What endings can i use in my corporation name?
You can use Corporation, Incorporation, Company and Limited.
2. Can I use BANK as my corporation name?
If the name implies banking, trust, financial, mortgage or insurance, prior approval of the banking
superintendent or insurance commissioner is needed.
3. Can I use LTD for my Limited Liability Company name?
No. The name of an LLC can end with Limited Liability Company or LLC only.
4. Can I Reserve a name for my new company?
Yes. The name reservation lasts for 120 days.
Article Requirements
1. How many Directors and Officers do I need for my Corporation?
The minimum number is one. You can be listed as all four.
2. Can I have as many shares of stocks as I want?
An increase in shares may cause an increase in initial filing fees. To keep the Entrance fee at a
minimum, the number of stocks must stay below 25,000 shares.
3. What is the difference between a Manager and a Member for an LLC?
You can only list one or the other on your articles of organization. Managers are employees of the
company and members are owners. A Manager may be an owner.
4. Who is the Incorporator or Organizer?
IncSmart.biz and the filers are the Incorporators and Organizers for your new entity. It is the person
that completes and signs the articles and submits them to the Secretary of State. The Incorporator's
and Organizer's duties and title end after filing.
Taxes and Fees
1. Does Virginia have annual fees and reports?
The Annual Report for Corporations is due on the anniversary of the initial date of filing of the
company. The LLC Annual Report is due on or by September 1st of each year. A $25 penalty is
imposed if the fees are late. The fee for the Corporation Annual Report is dependent on the value of
the shares of the corporate stock. The LLC Annual Report fee is $50.00.
2. Does a Virginia company file state taxes?
Yes. For more information on Virginia taxes, visit http://www.tax.state.va.us
Compliance Requirements
1. Will Virginia require me to have a local bank account?
Virginia does not require a local bank account to run your business from the state.
2. Does Virginia require me a local business address?
Virginia Articles of Incorporation and Organization do not ask for an address.
3. What are the Virginia annual maintenance fees?
Filing Process
1. What is the process to file a new company in Virginia?
The Virginia Corporation Commission averages around two (2) weeks to file new articles. They also
have an expedite service that can reduce your time to less than 8 days.
Virginia Order Forms
01. Virginia Corporation
02. Virginia Limited Liability Company
03. Virginia Doing Business As (DBA)
04. Virginia Annual Report
05. Virginia UCC Statement
06. Virginia Foreign Qualification
07. Virginia Mail Forwarding Service
08. Virginia Bookkeeping Service
09. Virginia Amendment
10. Virginia Name Reservation
1. What endings can i use in my corporation name?
You can use Corporation, Incorporation, Company and Limited.
2. Can I use BANK as my corporation name?
If the name implies banking, trust, financial, mortgage or insurance, prior approval of the banking
superintendent or insurance commissioner is needed.
3. Can I use LTD for my Limited Liability Company name?
No. The name of an LLC can end with Limited Liability Company or LLC only.
4. Can I Reserve a name for my new company?
Yes. The name reservation lasts for 120 days.
Article Requirements
1. How many Directors and Officers do I need for my Corporation?
The minimum number is one. You can be listed as all four.
2. Can I have as many shares of stocks as I want?
An increase in shares may cause an increase in initial filing fees. To keep the Entrance fee at a
minimum, the number of stocks must stay below 25,000 shares.
3. What is the difference between a Manager and a Member for an LLC?
You can only list one or the other on your articles of organization. Managers are employees of the
company and members are owners. A Manager may be an owner.
4. Who is the Incorporator or Organizer?
IncSmart.biz and the filers are the Incorporators and Organizers for your new entity. It is the person
that completes and signs the articles and submits them to the Secretary of State. The Incorporator's
and Organizer's duties and title end after filing.
Taxes and Fees
1. Does Virginia have annual fees and reports?
The Annual Report for Corporations is due on the anniversary of the initial date of filing of the
company. The LLC Annual Report is due on or by September 1st of each year. A $25 penalty is
imposed if the fees are late. The fee for the Corporation Annual Report is dependent on the value of
the shares of the corporate stock. The LLC Annual Report fee is $50.00.
2. Does a Virginia company file state taxes?
Yes. For more information on Virginia taxes, visit http://www.tax.state.va.us
Compliance Requirements
1. Will Virginia require me to have a local bank account?
Virginia does not require a local bank account to run your business from the state.
2. Does Virginia require me a local business address?
Virginia Articles of Incorporation and Organization do not ask for an address.
3. What are the Virginia annual maintenance fees?
- Pay Annual Reports
- Pay Annual Registered Agent Fees
- Pay Federal Taxes and State taxes
Filing Process
1. What is the process to file a new company in Virginia?
- Choose a Name for your LLC or Corporation
- File your Articles with the Virginia Secretary of State
- Order your Tax ID Number
- Order your Business License
- Receive copy of documents by email and originals by US Post
- Open a business checking account
The Virginia Corporation Commission averages around two (2) weeks to file new articles. They also
have an expedite service that can reduce your time to less than 8 days.
Virginia Order Forms
01. Virginia Corporation
02. Virginia Limited Liability Company
03. Virginia Doing Business As (DBA)
04. Virginia Annual Report
05. Virginia UCC Statement
06. Virginia Foreign Qualification
07. Virginia Mail Forwarding Service
08. Virginia Bookkeeping Service
09. Virginia Amendment
10. Virginia Name Reservation
| VIRGINIA HOME PAGE Contact Us | Careers | About Us © 2005 IncSmart Company. All rights reserved. IncSmart Home |
Qualification
Good Standing
Reinstatement
LLC Certificate