In order to remain in good standing with the Commonwealth of Virginia, all LLCs and corporations registered in Virginia must either file an annual business report, pay the annual state registration fee, or both. So, some businesses need to file annual reports with the Virginia State Corporation Commission. This is for verifying or changing the information concerning these businesses that is kept on record with the Commonwealth.
The annual reports mandated by the Commonwealth of Virginia are distinct from the annual reports. They summarize yearly outlays and progress that businesses provide to their investors and shareholders.
The Virginia Annual Registration Fee
Corporations (not LLCs) are required by the Commonwealth of Virginia to pay a registration fee every year. This is for remaining in compliance with the state’s regulations and to be considered in good standing with the state, and avoid the risk of the business being dissolved.
Virginia’s Annual Business Report in Brief
Annual Reports for Virginia LLCs (Not Required)
Although Virginia does not require LLCs registered in the Commonwealth to file annual reports, the Commonwealth does require LLCs to pay an annual registration fee of $50. This fee is to be paid by the last day of the month in which the LLC was originally registered, beginning the year after the company was formed. If the $50 fee is not paid, a $25 fee is levied (in addition to the original fee), and the delinquent LLC ceases to be considered in good standing with the state, which risks the dissolution of the business.
Annual Reports for Virginia Corporation (Required)
The Commonwealth of Virginia requires corporations to produce an annual report and pay an annual registration fee. The amount charged is determined by the number of authorized shares. It must be paid by the last day of the month in which the business was established. If the fee is not paid, the corporation faces a penalty of either 10% of its total yearly registration charge or $10 (in addition to the initial fee), and the delinquent corporation is no longer regarded in good standing with the state, putting the company at risk of being dissolved.
The Contents of the Annual Report for Virginia Corporations
The Virginia State Corporation Commission (SCC) sends pre-printed forms each year to the registered agents of the corporations registered in the state. These forms include the information about the corporation currently on file with the Commonwealth of Virginia, with a request for verification or updating of the information. This information includes the corporation’s name, SCC ID number, registered agent’s information, number of authorized shares, primary office address, and director’s and officers’ information.
Due-Dates for Annual Corporation Reports in Virginia
The annual reports for Virginia corporations are due by the last day of the month in which the corporation was originally registered, beginning the year after the company was formed. It’s best to submit the annual report and the annual registration fee together. So, early filings can be made within three months before the due-date.
To remind yourself of the month you registered your corporation, check the Virginia SCC website.
How to File the Annual Report for a Virginia Corporation
Annual reports for Virginia corporations can be submitted through the Clerk’s Information System at the website of the Virginia SCC, as well as through the postal service. Both of these methods are available for paying the Annual Registration Fee as well. Filing online tends to be easier and safer.
To file by mail, it’s possible to use the form sent automatically to the corporation’s registered agent. To get a new form, you can ask for one to be sent to the corporation’s registered agent by Internet or telephone:
Virginia State Corporation Commission
PO Box 1197
Richmond, VA 23218
Telephone
(804) 371-9733
(866) 722-2511
sccefile@scc.virginia.gov
No Additional Fee Associated with the Annual Report
Although there is no fee associated directly with the Annual Report required for Virginia corporations, the Commonwealth levies an Annual Registration Fee from all companies registered with the state.
Calculating Virginia’s Annual Registration Fees
LLCs registered in Virginia are required to pay a $50 annual fee.
For corporations registered in Virginia, the situation is a bit more complicated. The annual fee is calculated according to the number of a corporation’s authorized shares, in the following way:
For corporations with shares numbering between 1 and 5,000, the Commonwealth levies a $100 Annual Registration Fee. For every additional 1 to 5,000 shares, the amount of $30 is added to the fee. So, a corporation with 5,001-10,000 shares is required to pay $130, and a corporation with 10,001-15,000 shares is required to pay $160, etc. The maximum fee amount levied by the Commonwealth is $1,700.
Who Can File Annual Business Reports in Virginia?
The annual business report required by the Commonwealth can be filed by any employee of the corporation, or by anyone the corporation authorizes for that purpose.
Any corporation member or anyone who is authorized by the corporation to do so can file the Virginia annual report.
Penalties for Failing to Pay and File
Delay in paying Virginia’s annual business registration fee and/or filing the annual business report will result in a penalty. As a result, it affects business’s good standing with the state. A business that has lost good standing may be dissolved by the state after a certain period of time.
LLCs that fail to pay the annual registration fee on time are required to pay an additional penalty fee. As a result, they fall out of good standing with the Commonwealth of Virginia, which risks the dissolution of the business.
Corporations that fail to pay the annual registration fee are required to pay an additional penalty. On the other hand, corporations which do not file Virginia’s annual business report fall out of good standing.
No Initial Business Report is Mandated by Virginia
No initial report is required at the time of the business’s registration. Although the Commonwealth of Virginia requires an annual business report for businesses for every year following their registration,
