Archive for the ‘Virginia benefit corporations’
In almost every situation where you need to file something with the Virginia State Corporation Commission, a filing fee must be submitted, too. The filing fees will vary based on what type of entity you have (LLC versus corporation) and the type of filing you're making. For Virginia LLC's the most common filing fee is the $100 fee to form a new Virginia LLC or register a foreign (out of state) LLC. LLC's, whether formed in Virginia our out of state, also pay an annual renewal fee of $50 per year to maintain good standing in Virginia.
Corporation filing fees in Virginia are more complicated because many, including the filing fee for forming a new Virginia corporation or registering a foreign-formed corporation, depend on the number of authorized shares of stock in the corporation. The fee schedule for corporation's that are registering in Virginia for authority to transact business can be found on our site. You will need to know how many shares of stock your corporation is authorized to issue (which is different than how many shares have actually been issued). That information will be in your Articles of Incorporation (aka Certificate of Incorporation in some states, such as Delaware).
Although it may feel like it sometimes, the Virginia State Corporation Commission doesn't charge you for everything that you submit to them. You can change your registered agent or your principal office address at no cost, for example.
Before filing anything with Virginia, be sure you have the correct filing fee so that your paperwork does not get returned to you.
Once you have your Virginia corporation legally established or your out of state corporation authorized to do business in Virginia, there are two things you need to do on an annual basis to keep that good standing:
- Pay your annual renewal fee to the Treasurer of Virginia. The amount of the annual renewal fee is calculated based on the number of authorized shares of stock your corporation has, which is typically found in your Articles of Incorporation. The lowest fee is $100 per year (for 5,000 or fewer authorized shares of stock) and increases from there. The fee schedule can be found on the Virginia State Corporation Commission web site.
- File your annual report that updates the State Corporation Commission on the location of your principal office (can be anywhere in the world) and the identity of your directors and officers.
Your Virginia registered agent will receive both your annual renewal invoice and your annual report form each year so make sure you have a good one. If you don't pay the renewal fee or file the annual report form on time your authorization to transact business in Virginia will be terminated.