Hailed as one of the top states for business in America, it’s no surprise why many entrepreneurs like you seek to incorporate in Virginia. However, despite the excellent trading environment, there are specific expenses you must track to maintain your perks. In this post, our business experts will discuss all Virginia LLC fees so that you can avoid lapses and possible penalties.

Formation Costs for a Virginia LLC

Business Name Reservation

Like most states, business name reservation is an optional procedure made for owners not yet ready to file their articles of organization. And if you happen to find the perfect trade label for your company, but you’re still busy with other engagements, you can pay a $10 reservation fee to secure your chosen LLC name for 120 days.

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Articles of Organization

To officially register your Virgina LLC, you have to accomplish your articles of organization and submit them to the state. This document includes all basic company information such as LLC name, registered agent details, and many more. You can file it online or through mail along with a $100 filing fee. 

You can also sign up for their expedited services, which costs $100 for next-day processing and $200 for same-day processing. 

Operating Agreement

You may not know it, but operating agreements are not part of the mandatory formation documents. In fact, you can craft this internal document on your own for free.

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However, considering its management provisions, even our business experts agree that hiring professional services to create an operating agreement for your LLC is a wise move to make.

EIN Registration

As a legal business entity in Virginia, you’re obliged to apply for an Employer Identification Number (EIN). This nine-digit requirement is essential for tax purposes and business transactions like opening a bank or hiring employees [1]. Obtaining EIN from the IRS can be made online and doesn’t cost a single cent. 

Registered Agent

As a new business owner, you should know the importance of electing a reliable registered agent for your LLC. This role is mainly responsible for receiving and relaying time-sensitive notices and demands from the government to you.

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While you can qualify as a registered agent as long as you meet the standards, you also have the option to hand over the obligation to professional companies. In fact, our team highly recommends this option if you’re not confident in taking on all the legwork by yourself. 

(If you are looking for assistance for your business formation, we have listed the top online incorporation services for you business needs)

Business License

Besides the filing fees, forming an LLC also requires you to obtain specific licenses and permits from the state, federal, and local levels. On top of that, if your business offers professional services, there are licensing requirements you must accomplish before you can legally operate within the state. 

Foreign LLC Registration

If your company is already formed in another state, it’s common knowledge that you’ll have to go through a different registration procedure. However, keep in mind that being a foreign business entity does not exclude you from paying all mandatory Virginia LLC fees.

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You’re obliged to file a Certificate of Registration to Transact Business in Virginia (Form LLC1052) to the state and pay a filing fee worth $100. 

LLC Formation Services (Optional)

If you prefer focusing on the actual business transaction rather than being involved with filings, there’s no shame in hiring reliable and professional LLC formation providers to do the legwork on your behalf. 

These companies have industry experience under their belts and could most definitely do the job right. For a monthly and annual fee ranging from $0 – $300, rest assured that your filings are accurate and delivered on time. 

Virginia Annual State LLC Fees

Annual Registration

After the state has processed your registration, your LLC is now obliged to pay maintenance costs. On the last day of your LLC’s anniversary month, you must pay an Annual Registration Fee amounting to $50. This payment can be made through SCC eFile online portal or mail. The expense is besides the LLC fess and cost you paid during the start of business formation. 

FAQ

How much does an LLC cost in Virginia?

An LLC in Virginia costs $100 upon the filing of your articles of organization. However, if you want to process your documents faster, you can sign up for same-day processing for $200 or $100 for next-day processing. This expense calculation excludes the service fee should you decide to hire a formation company to handle your filings. 

How do I pay my annual LLC fee in Virginia?

You can pay your annual LLC fee in Virginia through SCC eFile online portal or via mail. The state will require you to pay $50 for an Annual Registration Fee every year on the last day of your LLC’s anniversary month. Keep in mind that an additional convenience fee may be incurred for online payments. 

Conclusion

Learning about all Virginia LLC fees is just the first step of the registration process any business owner has to go through. Should you find yourself in a tricky situation amid all the procedures, our trade experts highly recommend seeking professional services to assist your journey. After all, operating a company is a long-term investment.

To know more about the different LLC formation cost and annual expenses in the US, we have the list below: 

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