Selecting the Virginia Corporation or LLC Name

When you start the selection process to choose a name for your company to be filed in the state of Virginia, it should be remembered that the name will be unique and will identify you as a separate entity transacting business in the state. The name you choose for a corporation must end with “Incorporated,” “Corporation,” “Corp” or “Inc.”. When developing a name for a limited liability company it must end with the words “Limited Liability Company” or “LLC”.

Since the business name you choose will be identifying your corporation or Limited Liability Company as a unique business entity, the name will not be accepted by the state of Virginia if it is likely to confuse the public or if it too closely resembles the name of another corporation or LLC formed within the state.

Do not use any type of punctuation such as dashes, exclamation points, periods, commas, asterisks, question marks or underscores when making your name selection.

Selecting a Board of Directors

A corporation can have several members serve as directors but it is only required to have one. Since the board of directors is responsible for managing the corporation, it is suggested that the board be comprised of individuals that are officers or shareholders who have some type of daily involvement and interaction with the corporation. Virginia has no minimum age requirements for a director.

Virginia Taxes

Corporations are expected to file the Virginia Corporation Income Tax return, Form VA 500 or Form VA 500S annually, whether a “C” or “S” corporation. The amount of tax owed is dependent on several factors and there is no minimum tax.

An LLC is required by law to file taxes as either a corporation or a partnership dependent on the election made on the SS-4. Virginia maintains an individual income tax so employers are expected to withhold state income tax. Virginia maintains a sales and use tax of 5%.

Registered Agent

The registered agent must have a physical street address within Virginia state. PO boxes are not acceptable, within Virginia.

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Resources for Virginia Business Owners

Tax information for businesses from the Virginia Department of Revenue
Virginia Secretary of State website