Filing articles of incorporation is the first step in setting up a corporation in Virginia. This document includes important information about your company, such as its name, purpose, location, authorized shares of stock, and names and addresses of the incorporators. To help you get started, here is a step-by-step guide on how to file virginia articles of incorporation.
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1. Choose a Business Name
The first thing you need to do is select an appropriate name for your company. Virginia law requires that the name must not be already in use by another corporation or LLC in the state. You can do a quick search using the Virginia State Corporation Commission’s (SCC) Business Entity Search tool to see if your preferred name is available.
You can also reserve your chosen name for up to 120 days by submitting a form along with a fee of $10. This will prevent others from taking your name while you prepare your Articles of Incorporation.
2. Draft Articles of Incorporation
Once you have chosen a business name, the next step is to draft the Articles of Incorporation. This document has specific guidelines that need to be followed for it to be accepted by the SCC. Some of the essential components of the Virginia Articles of Incorporation include:
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- The name and purpose of the corporation
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- The location and address of the registered office in Virginia
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- The authorized shares of stock and any classes that they may have
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- Information on the incorporators and the initial directors of the corporation
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- Any other information that you consider relevant
Make sure to read the Virginia Business Corporation Act to ensure that all legal requirements are met.
3. Prepare the Articles of Incorporation
The next step is to prepare the Articles of Incorporation. You can do this yourself or hire a lawyer to do it for you. The form and instructions to file the Articles of Incorporation are available on the SCC website.
There is a $75 fee for filing Virginia Articles of Incorporation. The fees can be paid by check or money order payable to the “State Corporation Commission.”
4. Submit the Articles of Incorporation
After preparing the Articles of Incorporation and meeting the legal requirements, the next step is to submit the document to the SCC. You can submit the Articles of Incorporation online, by mail, fax or in-person.
If you file the document online, you will receive instant confirmation it has been received by the SCC. If you file by mail, the processing time is usually two to five business days. Filing in-person is immediate.
5. Publish the Notice of Incorporation
In Virginia, corporations are also required to publish a notice regarding their formation in a newspaper of general circulation in the county where the corporation is registered. This notice must be published once a week for four successive weeks.
Usually, the fee that is charged for publication ranges from $100 to $200. However, before making payments, check with your local newspaper for fees.
6. Obtain Federal and State Tax Identification Numbers
After you have successfully filed your Virginia Articles of Incorporation, you will need to apply for Federal and State Employer Identification Numbers (EIN). Your EIN is primarily issued for tax tracking purposes and are also used by banks to open business accounts.
You can obtain your Federal EIN number when filing the Articles of Incorporation online. Obtaining your Virginia EIN can be done by filling out an application at the Virginia Department of Taxation’s website or by calling 804.367.8031.
Conclusion
Setting up a corporation takes a lot of effort and paperwork. Therefore, it‘s recommended to thoroughly read the Virginia Business Corporation Act before starting the process to ensure compliance with all requirements.
By following these six steps to Virginia Articles of Incorporation filing, you’ve successfully started the legal identity of your business. You are now ready to follow up with a system for corporate record-keeping and maintaining yearly requirements, and legal steps.
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