Start a Free LLC in Virginia
LLC Register forms your free Virginia LLC, serves as your Virginia registered agent and keeps your LLC in good standing. Virginia charges $100 to file the Articles of Organization with the Virginia State Corporation Commission.

Virginia LLC
- Virginia LLC Formation
- Free
- Virginia LLC Name Search
- Free
- Virginia Registered Agent
- $99 per year
- Annual Compliance
- Free
- Virginia State Filing Fee
- $100
Transparent Cost Guide to Form a Virginia LLC with LLC Register
Every fee, line by line. The state fee is passed through at cost; there is nothing else to add at checkout.
| Cost item | LLC Register fee | Virginia state fee | Estimated total | One-time or annual |
|---|---|---|---|---|
Virginia LLC name search | $0 | $0 | $0 | Free |
Virginia LLC business name generator | $0 | $0 | $0 | Free |
Virginia LLC formation (articles of organization) | $0 | $0 | $0 | Free |
Virginia registered agent | $99 | $0 | $99 | Annual |
Virginia LLC compliance (annual report) | $0 | $50 | $50 | Annual |
Virginia state filing fee | $0 | $100 | $100 | One-time |
Virginia LLC formation and annual compliance are included with the $99 annual registered agent service. You also pay the $100 state filing fee required by the Virginia State Corporation Commission. That makes $199 in year one, and renewal is $99 per year, plus the $50 Annual Registration Fee fee paid to the state at cost.
Comprehensive 10-Step Guide to Form a Virginia LLC
From the name search to your first annual report, in the order you will do them.
Step 1 — Choose a compliant Virginia LLC name
Your Virginia LLC name must include "limited company", "limited liability company" or an abbreviation such as "LLC", "L.L.C.", "LC" or "L.C.", and cannot suggest it is a corporation or partnership. It must be distinguishable from every other name on record with the State Corporation Commission. Check that your name is available with the free Virginia State Corporation Commission business name search before you file.
Name reservation: for $10 with Form SCC631; the reservation lasts 120 days and can be renewed for another $10
Step 2 — Select a registered agent in Virginia
Every Virginia LLC must name a registered agent to receive legal papers and state mail. Your registered agent's office must be a physical Virginia address that matches your LLC's registered office, a P.O. box does not qualify. The agent must be a Virginia-resident member, manager, qualifying officer, or Virginia State Bar member, or a corporation or LLC already authorized to do business in Virginia (which cannot act as its own agent). LLC Register's Virginia registered agent service is $99 a year and includes LLC formation and annual report filing.
Required by the Virginia Limited Liability Company Act, Code of Virginia Title 13.1, Chapter 12
Step 3 — Decide how the Virginia LLC will be managed
Member-managed LLCs are run by their owners; manager-managed LLCs appoint managers to run the business. You choose the structure when you file the Articles of Organization and set the details in your operating agreement.
Member-managed or manager-managed
Step 4 — File the Articles of Organization with the Virginia State Corporation Commission
Submit the Articles of Organization (Form LLC1011) and pay the $100 state filing fee. You can file online through the Clerk's Information System (CIS), or by mailing or delivering the paper Articles of Organization (Form LLC1011) to the Clerk's Office. The Clerk's Office publishes no guaranteed turnaround. Online CIS filings are generally processed faster than paper ones. We prepare and file it for you.
State fee: $100 · File online: Clerk's Information System (CIS)
Step 5 — Create an LLC operating agreement
Virginia does not require an operating agreement, and it is never filed with the state. Unless your articles or a written agreement say otherwise, it does not even need to be in writing, though a written one is stronger evidence of the members' deal. Ours is included and ready to sign.
Included with LLC Register
Step 6 — Obtain an EIN or FTIN
Get your federal Employer Identification Number from the IRS. It is free, and applying online gives you the number right away. You need it to hire employees, open a business bank account and file federal taxes; owners without a Social Security number apply with Form SS-4.
Free from the IRS · Form SS-4
Step 7 — Open a business banking account
Keep business and personal money apart to protect your limited liability. Banks usually ask for your filed Articles of Organization, your EIN and your operating agreement.
Bring your formation document, EIN and operating agreement
Step 8 — Register for Virginia taxes, permits and licenses
If you sell taxable goods or services, register for a Sales Tax Certificate of Registration with the Virginia Department of Taxation. Online registration has no state fee. Before you hire, register with the Virginia Employment Commission for unemployment insurance and with the Virginia Department of Taxation for income tax withholding. Check with your city and county for local business licenses.
Tax agency: Virginia Department of Taxation
Step 9 — Consider other LLC documents
Such as a banking resolution, a Certificate of Fact of Existence ($6), or foreign qualification if you operate in other states. If you use a brand name other than your LLC's legal name, file a Certificate of Assumed or Fictitious Name.
Certificate: $6 · DBA: $10
Step 10 — Set reminders for annual compliance
Virginia requires the Annual Registration Fee every year. It is due by the last day of your LLC's anniversary month every year. The first one is due by the last day of the twelfth month after the month your LLC was formed. We track the deadline and file it on time while your agent service is active.
State fee: $50 · Annual
Virginia LLC Formation Facts Table
The official numbers, names and links for a Virginia LLC, each checked against the state agency.
Virginia LLC filing agency | Virginia State Corporation Commission, Clerk's Office |
|---|---|
Virginia LLC formation document | Articles of Organization (Form LLC1011) |
Virginia LLC filing fee | $100 |
Standard processing time | The Clerk's Office publishes no guaranteed turnaround. Online CIS filings are generally processed faster than paper ones. |
Expedited filing | Not offered |
Virginia online LLC filing | cis.scc.virginia.gov |
Virginia LLC name search | swyftfilings.com/business-name-generator |
Name reservation | Available for $10 with Form SCC631; the reservation lasts 120 days and can be renewed for another $10 |
Virginia registered agent required | Yes |
Registered agent address rule | Your registered agent's office must be a physical Virginia address that matches your LLC's registered office, a P.O. box does not qualify. The agent must be a Virginia-resident member, manager, qualifying officer, or Virginia State Bar member, or a corporation or LLC already authorized to do business in Virginia (which cannot act as its own agent). |
Can you be your own registered agent | Yes |
Virginia registered agent service | /registered-agent/virginia |
Annual or biennial filing | Annual Registration Fee, every year |
Annual report state fee | $50 |
First compliance deadline | By the last day of the twelfth month after the month your LLC was formed |
Recurring due date | By the last day of your LLC's anniversary month every year |
Late filing penalty | A $25 penalty is added to the $50 fee if you miss the due date, and the Commission mails notice that your LLC's existence is about to be canceled if it stays unpaid. |
Annual Registration Fee filing | scc.virginia.gov/businesses/business-faqs/annual-registration-fees |
Franchise or privilege tax | Virginia has no franchise or privilege tax on LLCs. The only required recurring state charge is the $50 annual registration fee, which by statute applies no matter what other tax the LLC owes. Virginia does let an eligible LLC elect an optional Pass-Through Entity Tax so the business, rather than its owners, pays the state income tax on that income. |
State income tax on LLC profits | Virginia taxes an LLC the way the IRS does by default, so profits pass through to the members' Virginia individual income tax returns; a multi-member LLC files an informational Form 502. LLCs can instead elect Virginia's Pass-Through Entity Tax to pay state tax at the entity level. |
Sales tax permit | Virginia Sales Tax Certificate of Registration, issued by Virginia Department of Taxation |
Operating agreement required by law | No |
Newspaper publication required | No |
Series LLC allowed | Yes |
Professional LLC (PLLC) allowed | Yes |
Certificate of good standing fee | $6 (Certificate of Fact of Existence) |
Foreign LLC registration fee | $100 (Application for Registration as a Foreign Limited Liability Company (LLC1052)) |
Amendment fee | $25 (Articles of Amendment (LLC1014)) |
Dissolution fee | $25 (Articles of Cancellation (LLC1050)) |
DBA (assumed name) filing | $10 (Certificate of Assumed or Fictitious Name), filed with Clerk of the Virginia State Corporation Commission |
Virginia LLC law | law.lis.virginia.gov/vacodefull/title13.1/chapter12 |
Free trademark search | trademarkengine.com/free-trademark-search |
Trademark registration | trademarkengine.com |
Virtual mailbox | snapmailbox.com |
Apply for an EIN (IRS) | irs.gov/businesses/small-businesses-self-employed/get-an-employer-identification-number |
Author: LLC RegisterLast reviewed 9/30/2026
Virginia agency: Virginia State Corporation CommissionLast reviewed 9/30/2026
Legal Requirements to Start a Virginia LLC
What Virginia law requires of every LLC, with the rule and the agency that enforces it.
A distinguishable LLC name
Your Virginia LLC name must include "limited company", "limited liability company" or an abbreviation such as "LLC", "L.L.C.", "LC" or "L.C.", and cannot suggest it is a corporation or partnership. It must be distinguishable from every other name on record with the State Corporation Commission. Search the name for free with the Virginia business name search before you file. You can reserve a name for $10 with Form SCC631; the reservation lasts 120 days and can be renewed for another $10. The rules come from the Virginia Limited Liability Company Act, Code of Virginia Title 13.1, Chapter 12.
A Virginia registered agent
Every Virginia LLC must appoint and keep a registered agent in Virginia. Your registered agent's office must be a physical Virginia address that matches your LLC's registered office, a P.O. box does not qualify. The agent must be a Virginia-resident member, manager, qualifying officer, or Virginia State Bar member, or a corporation or LLC already authorized to do business in Virginia (which cannot act as its own agent). To change agents, file the LLC1016, Statement of Change of Registered Office and/or Registered Agent (free). LLC Register's Virginia registered agent service is $99 a year and includes LLC formation and annual report filing.
The Articles of Organization
Your LLC exists once the Virginia State Corporation Commission accepts your Articles of Organization (Form LLC1011) and the $100 filing fee. You can file online through the Clerk's Information System (CIS), or by mailing or delivering the paper Articles of Organization (Form LLC1011) to the Clerk's Office. The Clerk's Office publishes no guaranteed turnaround. Online CIS filings are generally processed faster than paper ones.
An operating agreement
Virginia does not require an operating agreement, and it is never filed with the state. Unless your articles or a written agreement say otherwise, it does not even need to be in writing, though a written one is stronger evidence of the members' deal. Even where it is optional, a written operating agreement sets ownership, voting, profit splits and what happens when a member leaves, and banks often ask for one.
Annual Registration Fee
Virginia requires every LLC to file the Annual Registration Fee every year for $50. It is due by the last day of your LLC's anniversary month every year. The first one is due by the last day of the twelfth month after the month your LLC was formed. A $25 penalty is added to the $50 fee if you miss the due date, and the Commission mails notice that your LLC's existence is about to be canceled if it stays unpaid.
State taxes and licenses
Virginia has no franchise or privilege tax on LLCs. The only required recurring state charge is the $50 annual registration fee, which by statute applies no matter what other tax the LLC owes. Virginia does let an eligible LLC elect an optional Pass-Through Entity Tax so the business, rather than its owners, pays the state income tax on that income. Virginia taxes an LLC the way the IRS does by default, so profits pass through to the members' Virginia individual income tax returns; a multi-member LLC files an informational Form 502. LLCs can instead elect Virginia's Pass-Through Entity Tax to pay state tax at the entity level. If you sell taxable goods or services, register for a Sales Tax Certificate of Registration with the Virginia Department of Taxation. Online registration has no state fee. See the Virginia Department of Taxation for registrations.
Virginia LLC Company Cost Comparison
Published prices for forming and keeping a Virginia LLC, compared line by line.
| What you pay for | LLC Register | LegalZoom | ZenBusiness |
|---|---|---|---|
LLC formation service | $0 | $0 | $0 |
Virginia filing fee | $100 | $100 | $100 |
Registered agent, first year | $99 | $249 | $99 |
Annual report filing | $0 | $99 | $100 |
First-year total | $99 + state fee | $249 + state fee | $99 + state fee |
Registered agent renewal | $99 per year | $249 per year | $199 per year |
Competitor prices are for each company's lowest-priced LLC package, as published on its own website on September 29, 2026. The Virginia state fee is extra with every provider. Prices change; check each provider before you buy.
Why Form Your Virginia LLC with LLC Register
One price, the whole bill up front, and your LLC kept in good standing every year.
$99 a year. That is the whole price.
The same $99 at renewal, every year. No tiers to compare and nothing pre-checked at checkout.
Formation included
We prepare and file your Articles of Organization with the Virginia State Corporation Commission. You pay only the $100 state fee, at cost.
A Virginia registered agent
A physical Virginia address for legal and state mail, with scans sent to you the same day.
Your annual compliance, handled
We track the Virginia deadlines and file your Annual Registration Fee on time while your agent service is active.
Every fee shown before you pay
The cost guide above is the bill. State fees are passed through at cost and never marked up.
Support by email
Real people answer your questions by email, before and after your Virginia LLC is formed.
Important Virginia LLC Resources and Links
Official Virginia offices, forms and data in one place. Every link goes to the source.
State government offices
Filing, forms and records
- Online LLC filingcis.scc.virginia.gov
- Articles of Organization (Form LLC1011) formscc.virginia.gov
- Certificate of Fact of Existencescc.virginia.gov
- Annual Registration Fee filingscc.virginia.gov
- Foreign LLC registration (Application for Registration as a Foreign Limited Liability Company (LLC1052))scc.virginia.gov
- DBA (Certificate of Assumed or Fictitious Name)scc.virginia.gov
- Virginia Limited Liability Company Act, Code of Virginia Title 13.1, Chapter 12law.lis.virginia.gov
Taxes, permits and licenses
Virginia business data and help
- Population and demographicsU.S. Census Bureau QuickFacts, Virginia
- Small business statisticsSBA Office of Advocacy, 2025 state small business profiles
- Virginia Small Business Development Center (Virginia SBDC)virginiasbdc.org
- U.S. Small Business Administrationsba.gov
- SBA local assistanceFind SBA offices and advisors near you in Virginia
Virginia LLC FAQs
Short questions, direct answers about forming and running an LLC in Virginia.
How much does it cost to start an LLC in Virginia?
Per the Virginia State Corporation Commission, as of September 2026, Virginia charges $100 to file the Articles of Organization. After that, the Annual Registration Fee costs $50 every year. With LLC Register, formation is included in the $99-a-year Virginia registered agent service, so year one costs $199.
How long does it take to form an LLC in Virginia?
The Clerk's Office publishes no guaranteed turnaround. Online CIS filings are generally processed faster than paper ones. Virginia does not offer paid expedited processing for LLC formations. Your LLC exists once the state accepts your filing.
How do I start an LLC in Virginia?
To start an LLC in Virginia, choose an available name, appoint a Virginia registered agent, and file the Articles of Organization with the Virginia State Corporation Commission for $100. Then sign an operating agreement, get a free EIN from the IRS, open a business bank account and register for any state taxes. LLC Register files it for you as part of the $99-a-year registered agent service.
Can I form an LLC online in Virginia?
Yes. You can file online through the Clerk's Information System (CIS), or by mailing or delivering the paper Articles of Organization (Form LLC1011) to the Clerk's Office. The Articles of Organization costs $100.
What is the Virginia LLC formation document called?
In Virginia you form an LLC by filing the Articles of Organization (Form LLC1011) with the Virginia State Corporation Commission. Other states call this document the articles of organization or the certificate of formation. The filing fee is $100.
Is there an expedited LLC filing option in Virginia?
No. Virginia does not offer paid expedited processing for LLC formations. The Clerk's Office publishes no guaranteed turnaround. Online CIS filings are generally processed faster than paper ones.
How do I do a Virginia LLC name search?
Use the Virginia State Corporation Commission's free online business name search to check whether your LLC name is available. Your Virginia LLC name must include "limited company", "limited liability company" or an abbreviation such as "LLC", "L.L.C.", "LC" or "L.C.", and cannot suggest it is a corporation or partnership. It must be distinguishable from every other name on record with the State Corporation Commission.
What are the Virginia LLC name requirements?
Your Virginia LLC name must include "limited company", "limited liability company" or an abbreviation such as "LLC", "L.L.C.", "LC" or "L.C.", and cannot suggest it is a corporation or partnership. It must be distinguishable from every other name on record with the State Corporation Commission. The rules are set by the Virginia Limited Liability Company Act, Code of Virginia Title 13.1, Chapter 12.
Can I reserve an LLC name in Virginia?
Yes. You can reserve a name for $10 with Form SCC631; the reservation lasts 120 days and can be renewed for another $10. A reservation is optional; filing the formation document also secures the name.
Do I need a registered agent for my Virginia LLC?
Yes. Every Virginia LLC must have a registered agent. Your registered agent's office must be a physical Virginia address that matches your LLC's registered office, a P.O. box does not qualify. The agent must be a Virginia-resident member, manager, qualifying officer, or Virginia State Bar member, or a corporation or LLC already authorized to do business in Virginia (which cannot act as its own agent).
Can I be my own registered agent in Virginia?
Yes. A Virginia-resident member or manager of the LLC (or a Virginia-resident officer of it) can serve as the registered agent as long as their business office is the LLC's registered office. Your address becomes public record, and someone must be there during business hours to accept legal papers.
Can I use a PO box for my Virginia LLC?
Not as your registered agent's address. Your registered agent's office must be a physical Virginia address that matches your LLC's registered office, a P.O. box does not qualify. The agent must be a Virginia-resident member, manager, qualifying officer, or Virginia State Bar member, or a corporation or LLC already authorized to do business in Virginia (which cannot act as its own agent). A PO box can usually serve as a mailing address, but the registered agent needs a physical address in Virginia.
How do I change my registered agent in Virginia?
File the LLC1016, Statement of Change of Registered Office and/or Registered Agent with the Virginia State Corporation Commission. There is no fee to file it.
How much does a registered agent cost in Virginia?
Serving as your own Virginia registered agent is free if you qualify. Commercial registered agents charge a yearly fee. LLC Register's Virginia registered agent service is $99 a year and includes LLC formation and annual report filing.
Does Virginia require an annual report for LLCs?
Yes. Virginia LLCs must file the Annual Registration Fee every year. The state fee is $50.
When is the Virginia LLC annual report due?
The Annual Registration Fee is due by the last day of your LLC's anniversary month every year. Your first one is due by the last day of the twelfth month after the month your LLC was formed. It is filed with the Virginia State Corporation Commission.
How much is the Virginia LLC annual report fee?
Per the Virginia State Corporation Commission, as of September 2026, the Annual Registration Fee state fee is $50. It is due by the last day of your LLC's anniversary month every year. LLC Register files it for you at no extra service fee while your registered agent service is active.
What happens if I miss the Virginia annual report deadline?
A $25 penalty is added to the $50 fee if you miss the due date, and the Commission mails notice that your LLC's existence is about to be canceled if it stays unpaid. File as soon as possible to keep your LLC in good standing.
Does Virginia have a franchise tax for LLCs?
Virginia has no franchise or privilege tax on LLCs. The only required recurring state charge is the $50 annual registration fee, which by statute applies no matter what other tax the LLC owes. Virginia does let an eligible LLC elect an optional Pass-Through Entity Tax so the business, rather than its owners, pays the state income tax on that income.
How are LLCs taxed in Virginia?
Virginia taxes an LLC the way the IRS does by default, so profits pass through to the members' Virginia individual income tax returns; a multi-member LLC files an informational Form 502. LLCs can instead elect Virginia's Pass-Through Entity Tax to pay state tax at the entity level. Federally, a single-member LLC is taxed like a sole proprietorship and a multi-member LLC like a partnership, unless it elects to be taxed as a corporation.
Do I need a sales tax permit for my Virginia LLC?
If you sell taxable goods or services, register for a Sales Tax Certificate of Registration with the Virginia Department of Taxation. Online registration has no state fee.
How do I register my Virginia LLC as an employer?
Before you hire, register with the Virginia Employment Commission for unemployment insurance and with the Virginia Department of Taxation for income tax withholding. You also need an EIN from the IRS before you run payroll.
Do I need a business license for my Virginia LLC?
It depends on your industry and location: Virginia regulates some professions and activities through state licenses, and many cities and counties require local business licenses. Start with the Business One Stop (Virginia).
Do I need an operating agreement for a Virginia LLC?
Virginia does not require an operating agreement, and it is never filed with the state. Unless your articles or a written agreement say otherwise, it does not even need to be in writing, though a written one is stronger evidence of the members' deal. LLC Register includes an operating agreement with every Virginia LLC it forms.
Do I need an EIN for my Virginia LLC?
You need an EIN if your LLC has employees or more than one member, and most banks ask for one to open a business account. A single-member LLC without employees can use the owner's Social Security number for federal taxes, but an EIN keeps it off business paperwork.
How do I get an EIN for a Virginia LLC?
Apply for free on the IRS website once the state has approved your LLC; online applicants receive the EIN immediately. Owners without a Social Security number can apply with Form SS-4 by fax or mail.
Can a nonresident form an LLC in Virginia?
Yes. You do not have to live in Virginia or be a U.S. citizen to form a Virginia LLC. You do need a registered agent with a physical address in Virginia. Non-U.S. owners without a Social Security number apply for an EIN with IRS Form SS-4.
Can I form a single-member LLC in Virginia?
Yes. Virginia allows an LLC with a single owner. By default the IRS taxes a single-member LLC like a sole proprietorship, reported on the owner's personal return.
Does Virginia allow series LLCs?
Yes. Virginia authorizes protected series LLCs: an existing Virginia LLC files a $100 designation (Form LLC1095A) to create one or more series, each with assets and liabilities separate from the LLC's other series.
Can licensed professionals form a PLLC in Virginia?
Yes. Licensed professionals can form a professional LLC (Form LLC1103, $100) organized for the sole purpose of rendering their licensed service, such as law, accounting, medicine, architecture or engineering.
Does Virginia require LLCs to publish a formation notice?
No. Virginia does not require newspaper publication to form an LLC.
How do I get a certificate of good standing in Virginia?
Order a Certificate of Fact of Existence from the Virginia State Corporation Commission for $6. Banks, lenders and other states often ask for one as proof your LLC is current with the state.
How do I register a foreign LLC in Virginia?
An LLC formed in another state registers to do business in Virginia by filing the Application for Registration as a Foreign Limited Liability Company (LLC1052) with the Virginia State Corporation Commission. The fee is $100, and the LLC needs a Virginia registered agent.
How do I amend my Virginia LLC?
File the Articles of Amendment (LLC1014) with the Virginia State Corporation Commission for $25. Amend when you change your LLC's name or other information in the formation document.
How do I dissolve an LLC in Virginia?
File the Articles of Cancellation (LLC1050) with the Virginia State Corporation Commission for $25. Before you file, wind up the business: pay debts, close tax accounts and distribute what is left to the members.
How do I file a DBA for my Virginia LLC?
File a Certificate of Assumed or Fictitious Name with the Clerk of the State Corporation Commission for $10 before you use the name. A DBA lets your LLC trade under another name without forming a new company.
Can my Virginia LLC be taxed as an S corporation?
Yes. An eligible LLC can elect S corporation tax status by filing IRS Form 2553. The election can reduce self-employment tax once profits are high enough to pay yourself a reasonable salary. Virginia taxes an LLC the way the IRS does by default, so profits pass through to the members' Virginia individual income tax returns; a multi-member LLC files an informational Form 502. LLCs can instead elect Virginia's Pass-Through Entity Tax to pay state tax at the entity level.
What are the benefits of forming an LLC in Virginia?
An LLC separates your personal assets from business debts and lawsuits, keeps pass-through taxation, and needs less paperwork than a corporation. In Virginia it costs $100 to form and the Annual Registration Fee is $50 every year.
LLC vs sole proprietorship in Virginia: which is better?
A sole proprietorship costs nothing to start, but you are personally liable for the business's debts. A Virginia LLC costs $100 to form and protects your personal assets, with the same pass-through taxes by default.
Should I form my LLC in Delaware or Wyoming instead of Virginia?
Usually not if your business operates in Virginia. An out-of-state LLC doing business here must also register as a foreign LLC in Virginia for $100 and keep a Virginia registered agent, so you pay two states' fees.
Does LLC Register charge a separate fee to form a Virginia LLC?
No. Formation is included in the $99-a-year Virginia registered agent service. The state still charges its $100 filing fee, which we pass through at cost.
What does LLC Register include with a Virginia LLC?
For $99 a year plus the $100 state fee: Virginia LLC formation in year one, a Virginia registered agent, an operating agreement, and filing of your Annual Registration Fee every year. Renewal is $99 a year. State fees are passed through at cost.
Does my Virginia LLC need to file a BOI report with FinCEN?
No. FinCEN has exempted companies created in the United States from beneficial ownership information (BOI) reporting. Only foreign companies registered to do business in a U.S. state still have to report.
Which state agency handles LLC filings in Virginia?
The Virginia State Corporation Commission, Clerk's Office, handles LLC formations, amendments and annual filings. Its office is at 1300 East Main Street, Richmond, VA 23219.
Do I need a separate bank account for my Virginia LLC?
Yes, you should. Mixing business and personal money can weaken the liability protection your LLC gives you. Banks usually ask for your filed Articles of Organization, your EIN and your operating agreement.
Complete Virginia LLC Glossary
The terms, documents and filings you will meet when forming a Virginia LLC.
Annual report
A recurring filing that keeps your LLC in good standing with the state. In Virginia it is the Annual Registration Fee, due by the last day of your LLC's anniversary month every year.
Articles of Organization
The document filed with the state to create an LLC. Some states call it a Certificate of Formation; in Virginia it is the Articles of Organization.
Assumed name (DBA)
A trade name your LLC uses instead of its legal name. In Virginia you file a Certificate of Assumed or Fictitious Name.
Banking resolution
A document authorizing who may open and run the LLC's bank accounts.
Certificate of good standing
Proof from the state that your LLC exists and is current on its filings and fees. In Virginia it is the Certificate of Fact of Existence.
Dissolution
Formally closing an LLC with the state. In Virginia you file the Articles of Cancellation (LLC1050).
EIN
Employer Identification Number: the nine-digit federal tax ID the IRS issues to a business.
Foreign qualification
Registering an LLC formed in another state so it can do business in Virginia, through the Application for Registration as a Foreign Limited Liability Company (LLC1052).
Franchise tax
A state tax some states charge for the privilege of doing business there. Virginia has no franchise or privilege tax on LLCs. The only required recurring state charge is the $50 annual registration fee, which by statute applies no matter what other tax the LLC owes. Virginia does let an eligible LLC elect an optional Pass-Through Entity Tax so the business, rather than its owners, pays the state income tax on that income.
Limited liability
The legal protection that keeps the owners' personal assets separate from the LLC's debts and lawsuits.
Manager-managed LLC
An LLC run by appointed managers rather than by all of its members.
Member
An owner of an LLC. An LLC can have one member or many, and members can be people or companies.
Member-managed LLC
An LLC run directly by its owners, the members.
Operating agreement
The internal contract that sets out an LLC's ownership, voting, profits and what happens when a member leaves.
Pass-through taxation
The default federal tax treatment of an LLC: profits pass to the owners' personal returns instead of being taxed at the company level.
Professional LLC (PLLC)
An LLC for licensed professionals such as doctors, lawyers or accountants. Available in Virginia.
Registered agent
The person or company with a physical Virginia address named to receive legal papers and state mail for the LLC.
S corporation election
A federal tax election, made on IRS Form 2553, that lets an eligible LLC be taxed as an S corporation.
Series LLC
An LLC divided into separate series, each with its own assets and liabilities. Allowed in Virginia.
Single-member LLC
An LLC with one owner. By default the IRS taxes it like a sole proprietorship.
Virginia Limited Liability Company Act, Code of Virginia Title 13.1, Chapter 12
The Virginia law that governs how LLCs are formed, run and dissolved.
