Filing a West Virginia Corporation
Many new business owners find a West Virginia Corporation enticing because of the advantages it offers. A Corporation provides numerous tax benefits to owners. It also allows them to gain instant credibility with potential customers and clients. However, one of the most concerning aspects of a West Virginia Corporation is the filing process. Owners must be diligent when completing paperwork.
Steps To Filing a Corporation
Choose A Name
The first thing that new business owners must do is choose a name for their organization. The state of West Virginia requires companies to include an indicator in their name. In this case, owners will want to add something like, “Corporation,” “Limited,” “Incorporated,” or “Company” to their name. They could also add an appropriate abbreviation, such as “Inc.” Owners will also want to confirm that the name they’ve chosen is unique. That’s because West Virginia does not allow two Corporations to share a name. To prevent this from happening, owners can use the DoMyLLC Name Availability Check Page.
Choose An Agent For Service Of Process
After selecting a name, prospective business owners will need to find a registered agent. The registered agent is responsible for accepting all legal correspondence on behalf of the Corporation. Too many new owners don’t realize how integral a registered agent can be to their success. Owners will want to consider hiring a professional third-party company, such as DoMyLLC, to serve in the role.
File Articles Of Incorporation & Pay Filing Fees
Once owners have selected a name and registered agent, they can begin filing Articles of Incorporation with the Business and Licensing Division of the Secretary of State’s office. The cost to do so is $100. Companies must pay an additional $30 if they opt to file online. Information that owners must provide in this report includes:
- The name of the company
- Address of the principal office and the mailing address
- Name and address of the registered agent
- The email address for correspondence
- Organizational structure
- The total value of stock and how the shares will be divided
- Purpose of the Corporation
- Name and addresses of incorporators
- How much land the Corporation will hold
- Contact information and incorporator signature
File Initial Report
The state of West Virginia does not require Initial Report.
Create Corporate Bylaws, Appoint Directors And Hold Meetings
After submitting the Articles of Incorporation, owners of the West Virginia Corporation will want to hold an initial corporate meeting. Those who filed Articles of Incorporation are responsible for overseeing the meeting. Incorporators should appoint individuals to the board of directors at this meeting and record this information in the corporate records. Directors will serve on the board until the next annual meeting of the shareholders, where they will be up for re-election.
Once the board is in place, directors can define corporate roles while electing officers. Directors can also draft corporate bylaws. Bylaws are an internal operating manual but are necessary to conduct business. Although they are not made available to the public, many banks and insurers request to see them before working with a Corporation. The board of directors must adopt bylaws before the company can exist.
Issue Stock
While at the initial corporate meeting, the board of directors will also need to issue stock. The board is the only group capable of doing so. The amount of stock that they can release is predetermined in the Articles of Organization. The board is required to issue stock throughout the life cycle of the West Virginia Corporation. They will also want to maintain a stock ledger to help provide clarity to investors and protect the corporate veil.
Obtain Employer Identification Number
The West Virginia Corporation will also need to secure an Employer Identification Numbers from the IRS. This enables them to hire employees, file taxes, and open a business bank account.
File West Virginia Required Annual Reports
Officers will also need to file an Annual Report by July 1 each year. There is a $25 fee to do so. Learn more at our West Virginia Annual Report page.
Ongoing Maintenance
The West Virginia Corporation will also need to file state and federal taxes and renew all licenses and permits each year.
How DoMyLLC Can Assist With Streamlining The Process
At DoMyLLC, our goal is to help new business owners create and maintain a Corporation in West Virginia. Our services include:
- Name availability check
- Prepare Articles of Incorporation
- File Articles of Incorporation with the Secretary of West Virginia’s office
- Provide sample bylaws, meeting notices and minutes for meetings
- Dedicated account manager
- Unlimited customer support
By offering comprehensive administrative solutions, we make it easy for owners to focus on day-to-day operations. Contact us today to learn more about how we can help.