7 Simple Steps
To secure and register your brand name it must be unique, not too similar to another registered name in WV, and shouldn’t contain any restricted wording. To check, conduct a Business Entity Search through the Sec. of State, and if there are potential trademark issues conduct another quick search using the TESS System through the U.S. Patent Office.
Keep in mind 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 Name Reservation with the Sec. of State that’s good for 120 days.
Filing Fee: $15
A WV Registered Agent can be an individual resident of the state or a legally registered domestic/foreign business entity with a physical street address and regular M-F business hours. On behalf of your brand they receive and help process important business documents like state filings, tax forms, legal notices and so on. They’re essential and required by law.
To form your businesses legally, download a copy of the Articles of Organization (Form LLD-1) which will need to be filed with the Sec. of State or Business4WV. It’s a declarative document for the public record that discloses the basics of your brand including:
Filing Fee: $100
Like a social security number for individuals, an EIN, or Employer Identification Number is used by the state and federal government to track your business activity. It’s used for tax purposes, to allow you to set up business bank accounts, hire employees and more. The good news it’s very easy to get these days and get synced with “the system.”
Firstly, no other accounts of any kind or any other income/expense steams of data should be mixed in with your brand’s account! This is a costly and completely avoidable mistake far too many entrepreneurs make. Secondly, do some homework and research different options between local, state, and federal banks along with credit unions.
Don’t be quick to decide! The amount of annual costs/savings from one bank to the next, relative to their other services, can be substantial. To see for yourself, here’s a quick breakdown article of Business Checking Accounts from some of the biggest banks to begin your research.
What’s this about? Well, the first thing to know is that it’s not required by law or mandatory. But, it puts down on paper the official duties and responsibilities of owners/managers. Furthermore it outlines financial matters like ownership percentages, any profit sharing information and so forth. So it shouldn’t surprise you that we and countless startup consultants advise even solopreneurs have one on the books.
To get started, consider checking out an online Operating Agreement Tool which you can customize yourself.
This step is where an attorney or doing in-depth research yourself ensures there aren’t any costly hiccups. Depending on a number of variables there’s forms to fill out and fees to pay to be compliant. The good news is that West Virginia is a startup-friendly state with a number of incentives, kickbacks, and streamlined regulatory paths.
To get started bookmark the Clarksburg district office of the Small Business Administration, and set up an account with Business4WV because they’re likely 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.