Incorporate In Virginia

Officially known as the Commonwealth of Virginia, this state is nicknamed the “Mother of Presidents” due to the many US presidents born in the state. The Virginia General Assembly is the oldest law-making body in the US and is widely admired for its efficiency.

More than 40 companies based in Virginia generate revenues of over $1 billion, and more than 700 international firms are incorporated here.

Benefits of incorporating in Virginia:

Protection of personal assets

Foreign entrepreneurs incorporating in Virginia should feel confident with the knowledge that their personal assets are protected. Corporations and limited liability companies separate the assets and liabilities of companies from the personal assets of the business owner.

Ability to open bank account

Forming a company is the first step for a non US resident to open a bank account. A US bank account gives businesses access to a debit card, and the potential to open a merchant service account. Internet commerce is made much easier with a US bank account because companies like PayPal, Amazon and EBay considered you more qualified as a vendor.

Enhanced credibility

Whether starting a new business or incorporating an existing one, incorporation makes a business appear more credible to potential customers, suppliers and investors. You also have the security of operating under US law.

Your corporate name can boost your brand

Virginia requires that C corporations and LLCs not have a name that is the same or could be confused with a business already in existence. To make sure your business name is eligible Inc. Plan can help you choose a unique C corp or LLC name. A distinctive corporate name enhances your company’s reputation and also helps protect the identity of your brand.

Tax flexibility and benefits

Business owners are given the choice to operate as a C Corporation or LLC. The type of business entity you elect to operate as determines the type of your taxes your corporation will be subject to. C corps are subject to taxes based on corporate net income. LLCs are taxed according to your election.

Residency Requirements

Virginia does not have any residency requirements. Owners and directors do not need to live in state to legally operate a Virginia company. Before your firm is legally eligible to operate make sure you possess all the required business licenses, permits, and tax registrations. Inc. Plan can help you stay in compliance with state law.

Other incorporating requirements

C corps and LLCs in Virginia must have at least one member/owner. The state does not impose any age restrictions on entrepreneurs.

Requirements for forming an LLC in Virginia:

When forming a Limited Liability Company certain steps must be taken to keep the business in compliance on an ongoing basis.

Name requirements for LLCs

LLC names are allowed to end with the terms “Limited Liability Company,” “Limited Company,” or the abbreviations “Ltd.,” Co.,” “LC,” “LLC” and “L.L.C..” A company name cannot include parentheses. Special approval is needed from the state for businesses that want to use restricted terms or any variations of these terms.

LLC filing requirements

Entrepreneurs looking to start an LLC must file Articles of Organization with the state. Virginia-based LLCs are not required to submit an annual report.

Required information for the Article of Organization

The Articles of Organization must include the name and address of a registered agent who resides in Virginia and who is available to manage legal and tax business documentation. For more help with the initial filing or with finding qualified registered agent services feel free to contact Inc. Plan (USA).

LLC taxes and fees

Virginia LLCs are taxed as partnerships. LLCs are not assessed taxes based on their net revenue but rather on their members’ personal income return. LLCs may alternatively elect to be taxed as C corps.

Requirements for forming a C corporation in Virginia:

Each of the 50 American states has its requirements for incorporating. The essential requirements for C corporations established in Virginia are as follow:

Name requirements for C corporations

C Corporations must have name endings that include the terms “Company,” “Corporation,” “Incorporated” or “Limited,” along with their abbreviations. Names cannot include words in parentheses and a period must be used after any abbreviations. C Corporations must obtain special approval from the state if they want to use restricted terms or any variations of terms.

Filing requirements in Virginia

In order to incorporate in Virginia, entrepreneurs must file an incorporation document called Articles of Incorporation and an annual report which is due before the anniversary month of the incorporation. The filing fee for the annual report is between $100 and $1700, based on the number of authorized shares.

Required information for the Article of Incorporation

The Articles of Incorporation are required to list the company’s authorized shares along with their assigned par value. Entrepreneurs must also include the name of a registered agent with a physical address in Virginia. Any increase in the number of shares may affect the initial filing fees. Inc. Plan (USA) can help you with the initial filing process and provide qualified registered agent service.

Taxes and fees requirements

C corporations are subject to corporate income. Additionally, several areas within the state may impose a local income tax. Companies planning to hire employees are required to obtain an EIN (Employee Identification Number) from the IRS.

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