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Forming an LLC in Virginia
Forming an LLC in Virginia is pretty simple, but it can be somewhat time consuming and hiring a professional incorporation company to do it for you is therefore an option if you are on a tight schedule. When it comes to the Operating Agreement, it is always advisable to contact an attorney because a legally flawed Operating Agreement can lead to IRS problems in the future.
Forming an LLC in Virginia in 5 easy steps
- Choose a name for you company. Virginia state law stipulates that the name of an LLC must contain an LLC designator, i.e. the words “Limited Liability Company” or an abbreviation thereof. You must also make sure that the name is not already used by another LLC and naturally stay clear of any trademark violations. When forming an LLC in Virginia, you cannot use the terms “bank”, “savings & loan” or “trust company” in the name of your LLC. Implying insurance in any way is also prohibited.
- When you have a permissible name for your LLC, the next step is to file the Articles of Organization with the State filing office in Virginia.
- During step three, an organizational meeting should be held where the LLC members adopt an Operating Agreement.
- With a formally adopted Operating Agreement, it will be possible for the LLC to acquire a Federal Employer Identification Number (FEIN) and open up its own bank account.
- Before the LLC can start doing business, it must obtain a local business license from each city or county where it wishes to be active.
Important facts to take into consideration before forming an LLC in Virginia
- The minimum state filing fee for a Limited Liability Company is $100.00. (For 25 business days.)
- An LLC formed in Virginia is required to hand in an Annual Report each year. The Annual Report is due on July 1st and the Annual Report fee is $75.00.
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