Filing a Virginia Corporation
A Virginia Corporation tends to appeal to many new business owners because of the benefits it offers. Not only does it provide tax breaks to owners, but it also provides instant credibility to customers and clients. Unfortunately, many are hesitant to register as a Corporation because of administrative requirements. If owners are diligent when filing, a Virginia Corporation could be well worth the while.
Steps To Filing a Corporation
Choose A Name
The first thing that new owners are going to want to do is choose a name for their organization. The state of Virginia mandates that two Corporations cannot share the same name. To ensure that the name they’ve adopted is unique, owners should use the DoMyLLC Name Availability Check Page.. Furthermore, Virginia requires companies to include an indicator in their name. In this case, companies will need to add something like, “Corporation,” “Incorporated,” “Company,” “Limited,” or an appropriate abbreviation, such as “Inc.”
Choose An Agent For Service Of Process
After selecting a name, owners will then need to hire a registered agent. The registered agent is responsible for accepting all legal correspondence on behalf of the company. Experienced business owners know just how integral a registered agent is to their success, which is why they often choose to utilize a professional third-party company, such as DoMyLLC.
File Articles Of Incorporation & Pay Filing Fees
Once owners have selected a name and registered agent, they can proceed with filing Articles of Incorporation with the Virginia State Corporation Commission. The fee to do so is based upon the number of shares the Corporation is authorizing, although the minimum charge is $75. There is also an optional expedite fee ranging from $100 to $200. Information that owners will need to provide on these forms includes:
- The name of the company
- How much common stock the Corporation will issue
- Name and address of the registered agent
- Principal office address, optional
- Names and addresses of the initial directors
- Names, signatures, and addresses of incorporators
- Optional telephone number
File Initial Report
The state of Virginia does not ask companies to file Initial Report, although they may be required when doing business in another state.
Create Corporate Bylaws, Appoint Directors And Hold Meetings
After filing Articles of Incorporation, members of the Virginia Corporation will want to hold an initial corporate meeting. Those who filed Articles of Incorporation are responsible for overseeing the meeting, unless the registered agent is also an initial director. If this is the case, all initial directors should have been documented on the Articles of Incorporation. According to the state of Virginia, a Corporation “can have directors immediately upon formation only if they are named in the articles.” Directors will serve on the board until the next annual meeting of the shareholders, where they will be up for re-election.
Once in place, the board should define the role of officers while electing people to serve in those positions. Directors will also need to draft corporate bylaws.Bylaws are a matter of corporate compliance, as the Corporation cannot exist or conduct business until the board of directors has adopted them. They are a private, internal operating manual, although many banks and insurers wish to see them before agreeing to work with a Corporation.
Issue Stock
While at the initial corporate meeting, the board of directors will also need to issue stock. Only the board is allowed to issue stock, and they are responsible for doing so throughout the life cycle of the Virginia Corporation. The amount of stock that they can release is outlined in the Articles of Incorporation. The board will also want to maintain a stock ledger, which will help protect the corporate veil and provide clarity to investors.
Obtain Employer Identification Number
The Virginia Corporation will also need to secure an Employer Identification Numbers from the IRS so that they can file taxes, hire employees, and open a business bank account.
File Virginia Required Annual Reports
Each year, by the end of the Corporation’s registration anniversary month, officers must file an Annual Report. Say, for example, the incorporation date is June 15. The report is due by June 30 each year. The filing fee depends on the number of shares the Corporation issues. Fees range from $100 to $1,700. Learn more at our Virginia Annual Report page.
Ongoing Maintenance
Officers of the Virginia Corporation must also file state and federal taxes and renew all licenses and permits each year.
How DoMyLLC Can Assist With Streamlining The Process
At DoMyLLC, we are here to help new business owners form and operate their Virginia Corporation. That’s why we offer comprehensive administrative solutions to our clients. Our services include:
- Name availability check
- Prepare Articles of Incorporation
- File Articles of Incorporation with the Secretary of Virginia’s office
- Provide sample bylaws, meeting notices and minutes for meetings
- Dedicated account manager
- Unlimited customer support
By allowing us to handle your administrative needs, you can focus on day-to-day operations. Contact us today to learn more about what it’s like to work with DoMyLLC.