If you have a limited liability company (LLC) in Virginia, you must file an annual report to keep your business in good standing. But don’t worry – it’s a relatively painless process that can be done online.
Read on to learn how to file your LLC’s annual report in Virginia.
What Is an Annual Report?
An annual report simply verifies your business information and tells the state of Virginia that your LLC is still operating. In addition, keeping up with annual reports is a legal requirement that enables you to obtain a Certificate of Fact of Existence, which a bank or creditor might request to confirm your compliance.
In Virginia, the following information is required for the annual report:
How to File an Annual Report in Virginia
To file your annual report in Virginia, visit the State Corporation Commission’s website and log in to your account.
Click on “online services,” then click on the annual report link, search for your business, and enter all the required information.
The filing fee is $50, and reports are due on the last business day of the anniversary month of your LLC’s formation.
If You Do Business in Other States
If you do business in other states, be sure to register in those states as a foreign LLC. For example, if your LLC is registered in Virginia and you start doing business in Florida, you’ll need to register in Florida as a foreign LLC.
You’re generally required to register as a foreign LLC if:
- You have a physical presence of any kind in that state
- You have employees in that state
- You regularly meet with clients, managers, or investors in that state
- You are licensed to do business in that state
Once you’ve registered as a foreign LLC, your business will need to follow the annual reporting requirements of that state and pay taxes in that state.
Filing an annual report in Virginia is relatively easy and crucial to smooth business operations.
Failing to file an annual report can result in serious penalties, as can filing an inaccurate report.
Be sure to review all your business information and file your report on time to ensure your LLC remains in good standing.