At some point, you may be asked to provide a certificate of the fact of existence for your Virginia limited liability company (LLC). Banks and creditors often ask for this document before issuing business credit to ensure you comply.
A Virginia certificate of fact of existence is relatively easy to obtain, but it does take some know-how. Lucky for you, this handy guide walks you through the process.
What Is a Virginia Certificate of Fact of Existence?
In Virginia, a certificate of fact of existence, known as a certificate of good standing in most states, verifies that your LLC fully complies with state regulations. The state will issue the certificate if you’ve met all deadlines and filed all relevant reports.
Keep in mind that you’re not required to get a certificate of fact of existence in Virginia, but banks and creditors might request one, so it’s wise to have it on hand.
In What Situations Would I Need a Certificate of Fact of Existence?
Again, a bank or creditor might request a certificate of fact of existence when you apply for a business loan or business credit. This is simply part of their due diligence and risk assessment, confirming that your business has no outstanding regulatory issues.
In addition, if you expand your business to other states, you’ll have to register as a foreign LLC. In such cases, the new state may request a certificate of fact of existence from your home state.
Requirements to Obtain a Certificate of Fact of Existence in Virginia
You must have a registered LLC in the state. Corporations can obtain a certificate of good standing. Sole proprietorships and partnerships do not register with the state, so they cannot obtain a certificate of fact of the existence or a certificate of good standing.
You’ll also need to comply with all legal requirements for your LLC or corporation in Virginia. That means you’ll need to be up to date on all Virginia business licenses, permits, and reporting requirements.
Which Department Issues Certificates of Fact of Existence in Virginia?
In Virginia, the Corporations Commission issues certificates of fact of existence. You can obtain one online.
How to Get a Certificate of Fact of Existence in Virginia
Visit the Corporations Commission website and sign into your account.
Then you’ll do the following:
- Click Online Services on the top left
- Under Services, click Certificate of Fact of Existence/Registration (LLCs)
- Click the Select button next to your business’s name. DO NOT click the green entity name.
- Click Continue.
- Click Next.
- Enter your Entity Name or Entity ID and click Search
- Click Add To Shopping Cart
The fee is $6, and assuming your LLC is in full compliance, you should be able to access your certificate online immediately.
Alternatively, you can submit a written request by mailing it, along with the $6 fee, to:
Clerk’s Office, State Corporation Commission
PO Box 1197
Richmond VA 23218
Getting a certificate of fact of existence may seem like a hassle, but you won’t think that when you need financing. So be sure to get it done when you have a chance – you, and your LLC, will be happy you did.