Starting an LLC in Virginia is not for the faint of heart. Maintaining one isn’t, either. There’s a bunch of annual requirements: annual taxes, business licenses to renew, and of course, annual reports. A lot of the annual requirements can be pretty complicated, too.
Annual reports can be pretty complicated…but only if you don’t know what to expect. That’s what we’re here for. In this guide, we’ll cover all the essentials to annual reports in Virginia: LLC filing fees, where to file, due dates, and if you want, where to go to get help filing. By the end, the annual report won’t feel so daunting anymore.
Quick Tip
What is an annual report?
An annual report is a lot like an annual newsletter for your LLC—except you only send it to one place: the state government. Each year, the state needs updated information about your business. And this isn’t a requirement that’s unique to Virginia. In fact, nearly every state requires some form of annual (or similar timeline) update.
That said, the newsletter analogy falls short because you don’t need to tell the state what you did each month. You don’t even have to tell them the highs and lows of your year. And thankfully, you don’t have to write it out as a letter. All you’ll have to do is fill out the requested information.
Here’s a quick glance at the information Virginia will require from you:
- Legal name of your LLC
- Your ID number, as provided by the State Corporation Commission
- State in which you formed your business (usually Virginia)
- Name and address of your registered agent
- Address of your principal office
- Name and address of each member or manager
Sound overwhelming? Don’t panic. It’s actually a lot easier than you might think! In the rest of this guide, we’ll cover all the essentials to annual reporting—including a DIY approach and how to get help if you’d rather not file on your own.
Where do I start?
When the time comes to file your annual report, your gut might tell you to head to the State Corporation Commission’s website. And that’s a good instinct. The Corporation Commission handles a wide variety of business filings, annual reports included.
More specifically, you’ll want to head to the State Corporation Commission’s online portal, the Clerk’s Information System. A login is required to use this webpage, so if you don’t have one, you should create one. But once you’re logged in, you can fill out your annual report and make the payment—all in one place.
If you’d rather file online, you can. But it’s a bit more complicated; you’ll have to request a printed copy of the report from the Corporation Commission. The Online Forms Request Form will get you what you need.
The annual report isn’t extremely difficult to fill out, honestly. But if you’re extremely busy (and who isn’t these days?), the report can seem overwhelming—it’s yet another thing you have to do. That said, you can hire a Virginia LLC Service to handle the work for you. Not only will these services actually form your business for you (if you need it), but they’ll also help you handle annual requirements like the annual report.
How much does Virginia’s Annual Report cost?
Some states have a pretty hefty price tag of several hundred dollars for their annual report. Other states charge more reasonable fees of less than $100. Virginia, however, keeps the fee pretty minimal. Both domestic and foreign LLCs pay $50. That’s relatively affordable compared to what corporations pay: $100+. But it’s an annual expense, so you’ll want to plan for it each year.
How you file the report also affects how you’ll pay. If you file by mail, you’ll need to include a check or money order in your envelope. But if you opt to file online, you should have a credit or debit card on hand to make the payment in the last step of filing.
When is the Annual Report due?
In most states, the annual report is due, well, annually. In other states, entrepreneurs often refer to it as an annual report even though it’s due every other year. But in Virginia, the annual report fits its name; you’ll file every year.
More specifically, each LLC will need to submit their annual report by the end of their anniversary month. That’s the month in which you filed your Articles of Organization. For example, if you submitted your Articles last year on August 5th, you’ll need to submit your annual report by August 30th this year.
What happens if you don’t file your annual report?
Sometimes annual check-ins are a pain, right? And we get it: with some things, like annual physicals, dental cleanings, and eye appointments are tempting to skip. Usually, there isn’t a big penalty if you skip them for a year or two (aside from a minor scolding from your doctor).
However, that isn’t the case with annual reports. You should never skip filing your annual report, and you should always do it on time. For one thing, filing on time ensures that you don’t spend any more than you have to.
More importantly, though, failing to file your annual report will cost you your good standing in the state. The state might not charge a late fee for reports, but there are penalties. If you leave your report delinquent for four months, the state will administratively dissolve your LLC.
Long story short, they’ll shut down your business by force. If that happens, don’t panic. You can get reinstated. But it’s a big hassle to do so. It’s far easier to avoid that hassle entirely and simply file the report on time.
Conclusion
Quick Tip
Maintaining a Virginia LLC is no laughing matter, and the annual report is without a doubt one of the most important annual filings. Thankfully, it doesn’t have to be too complicated. Hopefully this guide has helped take out some of the guesswork. And don’t forget: an LLC Service can make things even easier.