Start an LLC in Virginia in 5 Simple Steps
Step 1: Give Your Virginia LLC a Name
Step 2: Select a Registered Agent.
Step 3: File the Articles of Organization.
Step 4: Draft an Operating Agreement.
Step 5: Obtain an EIN
It is simple to form an LLC in Virginia.
To form a Virginia LLC, you must submit the Articles of Organization with the Virginia State Corporation Commission for a fee of $100. You may apply both online and by mail. The Articles of Organization are the legally binding documents that establish your Virginia Limited Liability Company.
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STEP 1: Give Your Virginia LLC a Name
The first and most significant step in founding an LLC in Virginia is selecting a business name. Make sure your name conforms with Virginia naming regulations and is readily searched by prospective customers.
1. Follow the naming conventions:
The word “limited liability corporation” or one of its acronyms must be in your name (LLC or L.L.C.).
Your LLC’s name cannot include terms that may be confused with a government organization (FBI, Treasury, State Department, etc.).
Restricted terms (e.g., bank, attorney, university) may need extra documentation and the participation of a licensed professional, such as a doctor or lawyer, in your LLC.
Your firm’s name must be distinct from that of any other Virginia limited liability company, corporation, or limited partnership.
2. Does the name exist in Virginia? Check the Virginia State Corporation Commission’s website for a Business Entity Search to ensure that the name you choose isn’t already in use.
3. Is the URL accessible? We suggest checking online to see whether your company name is accessible as a web domain. Even if you don’t intend to construct a company website right away, you may want to purchase the URL to prevent others from gaining it.
3. Is the URL accessible? We suggest checking online to see whether your company name is accessible as a web domain. Even if you don’t intend to construct a company website right away, you may want to purchase the URL to prevent others from gaining it.
STEP 2: Select a Virginia Registered Agent
You must appoint a Virginia registered agent for your LLC.
What exactly is a registered agent? A registered agent is a person or corporate organization that receives vital tax forms, legal papers, lawsuit notices, and other government communication on your behalf. Consider your registered agent to be your company’s point of contact with the state.
STEP 3: Submit the Articles of Organization for the Virginia LLC.
Form LLC1011 – Articles of Organization must be filed with the State Corporation Commission to register your Virginia LLC. You may apply both online and by mail.
STEP 4: Draft an Operating Agreement for a Virginia LLC.
LLCs in Virginia are not needed to have a documented operating agreement, although it is recommended.
What exactly is an operating agreement? An operating agreement is a legal document that outlines an LLC’s ownership and running processes.
Why are operating agreements necessary? A detailed operating agreement guarantees that all firm owners are on the same page and decreases the likelihood of future disagreement.
STEP 5: Apply for a Virginia LLC EIN.
What exactly is an EIN? EIN is an acronym that stands for Employer Identification Number. EINs are nine-digit numbers provided by the Internal Revenue Service (IRS) to companies to assist them be identified for tax reasons. It is basically a business’s Social Security number.
An EIN is also known as a Federal Employer Identification Number (FEIN) or a Federal Tax Identification Number (FTIN) (FTIN).
Why do I need an EIN? An EIN is necessary in order to:
Establish a business bank account.
Filing and managing federal and state income taxes
Employ people
What if my single proprietorship already has an EIN?
When transitioning a sole proprietorship to an LLC, the IRS demands a new EIN.
Where can I get an EIN? The IRS will provide you an EIN for free. Obtaining an EIN is a simple procedure that may be completed online or by mail.