7 Simple Steps
To secure and register your brand name it must be unique, not too similar to another registered name, and shouldn’t contain any restricted wording. To check, conduct a Business Entity Search through the state and if there are potential trademark issues conduct another quick search using the TESS System through the U.S. Patent Office.
Your LLC name should contain the words ‘Limited Liability Company’ or ‘Limited Company’. Abbreviations for these words like ‘L.C.’ or ‘L.L.C.’ are also acceptable. If needed, file an Application for Reservation of a Business Name form with the VA Corp. Commission that’s good for 120 days.
Filing Fee: $10
A Virginia Registered Agent is a certified individual or business entity that acts as an intermediary, receiving and helping to handle/process all official documents on your business’ behalf. They must be a legal resident of the state or registered to conduct business and have a VA street address where they can be reached at all times during regular M-F workhours.
That said, you can hire an outside professional service and pay up to $160/year, or get an agent free of charge when you start an LLC through a filing service like IncFile or BizFilings. They handle this along with so much more depending on your startup package.
To officially and legally form a Virginia LLC, you have to file Articles of Organization (Form LLC-1011) with the Virginia State Corporations Commission. Just make sure not to file this until you’re ready to set up shop, and apart from registering/reserving your brand name.
You can file your articles through postal mail or online at the Virginia New Entity Formation page.
LLC Filing Fee: $100
All businesses in Virginia, like just about everywhere else, are required to get an EIN/FEIN, which is a Federal Employer Identification Number. And yes, even solopreneurs with an LLC need one not just for taxes purposes and legally hiring when it’s time, but to set up business bank accounts and other important parts of the process.
You can obtain an EIN in a variety of ways, but the simplest is to get one free of charge quickly through the IRS Website.
PLEASE shop around and see which bank/credit union on the local/state/national level offers the most convenience and perks for your brand. Don’t make the mistake of assuming where you bank personally is the ideal choice. How’s their online banking? What are their free deposit/withdrawal limits? How high are their monthly fees?
Where you choose to bank matters so don’t take it lightly. If this will be your first time setting up an LLC bank account, a) check out this quick breakdown of Business Checking Accounts, and b) keep your brand’s account completely separate from any other of any kind.
No, this document isn’t mandatory or required by law but not having one is pretty darn foolish, even for solopreneurs. Not only does it add a layer of protection for your brand (LLC status), but it also helps to set down in paper and deal with financial/management disputes and ensures your company is governed by your own internal set of rules rather than the default set on state books which take over with no agreement in place.
Furthermore, it supersedes any state default rules in cases where there’s a misunderstanding or problems arising in your LLC. To get started, consider checking out an online Operating Agreement Tool which you can customize yourself.
Now’s the point where you should ideally have a professional on your side or buckle down to do some research on your own. Getting your business taxes and licenses are an important part of starting a Virginia LLC that’s ready to operate in the state.
To get started bookmark the Richmond district office of the Small Business Administration as well as the Virginia SBDC because they’re going to be go-to sources. If you need additional help, there’s a Business License Service we recommend. They determine everything required on Federal, State, County and Municipal levels, get the forms, and provide step-by-step filing instructions.