Virginia LLC Annual Report: What It Is And How To File?

Forming an LLC is generally a good idea if you’re starting a business. If your business is based in Virginia, then you have to file your LLC with the Virginia state government. That way, you’re legal to operate and you avoid unnecessary fines and penalties.

However, if it’s your first time to form an LLC, then you need to know that it will involve quite a bit of paperwork. And that paperwork doesn’t end once you’ve formally established your LLC. To maintain the good standing of your Limited Liability Corporation, you have to periodically send in more paperwork.

These paper works include filing your LLC Annual Reports. Virginia law requires all LLCs based in Virginia to file an Annual Report with the State of Virginia Corporation Commission

What is an LLC Annual Report/Annual Registration?

An LLC Annual Report is a report you file every year, and it’s meant to furnish the state government with the crucial details regarding your LLC. This report should include any updated info or changes that may have happened since the last filing period. As the annual report contains crucial data, it’s also sometimes referred to as a statement of information.

Every LLC in most states has to submit its annual reports. The required information may change a bit depending on the state, but usually, the report will contain the following information:


  • The name of the LLC
  • The main business address of the LLC
  • The names of each LLC member (owner), and their addresses
  • All the crucial ID numbers for the LLC, such as the state entity number
  • The main purpose of the LLC
  • A list of authorized signatories
  • Information regarding your registered agent 

Filing Options

In the State of Virginia, the annual registration can be filed online or non electronically through the mail and in person. Submitting through non-electronic means involves requesting the Notice of Assessment of Annual Registration fee form through the Virginia Online form request page. Complete the form and then mail it along with the payment to the address:

State Corporation Commission Clerk’s Office

P.O. Box 1197

Richmond, VA 23218-1197

 

If you’re submitting the form in person, hand-deliver the form and the payment to the address:

State Corporation Commission Clerk’s Office, First Floor

1300 E. Main St.

Richmond, VA 23219

 

The good news is that you don’t have much to pay, as the cost of the Annual Report in the State of Virginia is 50 USD only. However, it may cost more if you fail to file the report on time, as it may result in a penalty fee of 25 USD and also the dissolution of your LLC. You’ll then have to spend money, time, and effort to reestablish the LLC.

Filing the Annual Report helps to make sure that your LLC is compliant with all state regulations. That should keep your LLC in good standing with the Virginia state government, ensuring that your business enjoys all the LLC benefits and protections.

Deadlines

If you’re a member (owner) of a Virginia LLC, you have to ensure that you send in these Annual Reports on time. The deadline to file your LLC Annual Renewal is the last day of the month that your LLC was formed/approved by the Commonwealth of the State of Virginia.

Your LLC’s first Annual Report is required for the year right after the LLC’s year of formation. For example, let’s assume your LLC was formed on January 27, 2021. Your first Annual Report will be due by January 31, 2022.

The state of Virginia does not send reminders concerning your LLC Annual Renewal. Hence, it is important that you set your own reminder to ensure that you do not forget.

Required Steps

It’s easy since you only have to go online. Here are the detailed steps you need to take to file your Virginia LLC Annual report:

  1. Go to the Clerk information system of the SCC in the State of Virginia.
  2. You’ll have to create a new account on the system if you don’t have one yet.
  3. Log in to your account and choose the Pay registration fees option on the page
  4. Input all the required information on the webpage and review all information you have supplied to avoid mistakes.
  5. You’ll be required to make a payment of the 50 USD filing fee that the State Charges with your debit or credit card
  6. The next page will confirm that you’ve submitted your Annual Report for Filing and have made the payment.

Again, just make sure you do all this on or before the last day of the month that your LLC was formed/approved by the Commonwealth of the State of Virginia.

Who Should Do This Task?

Basically, the right person to do the task is the person with access to the necessary information that must be included in the Annual Report. This can be a member or LLC officer. It can be someone that the LLC authorizes to file on its behalf.

Professional Assistance

It’s very possible that you can foist this task to professionals, such as the online service provider that helped you with the LLC formation procedure and provided you with its registered agent services. This may be part of a package (usually the medium or premium package), though it may be available as an extra service for a fee with the basic formation package.

This does save you a lot of time and tedium. Plus, you can concentrate on your business while the service deals with all the necessary report filing.

In addition, the service provider can maintain your privacy, as it will take care to submit only the absolutely required information. The privacy benefits may include the following:

  • The service provider can list their contact information, so that you won’t have to file your residential address and personal smartphone number.
  • The service provider will also list only their IP address. This limits the connection between your smartphone, personal PC, and LLC work computers. That way, advertisers can’t track you online.
  • In case that the report asks for bank and credit card information (when the filing suddenly comes with a fee), then the service providers also furnish their own bank and credit card information. You still protect your own bank and credit card info.  

An online service provider charges much more reasonable rates, compared to what a lawyer might charge. A reputable service provider can also file the Annual Report as soon as possible, so you can be sure that it won’t be late and your LLC won’t suffer any fines and penalties (such as dissolution). You can check our top brands such as ZenBusiness or Northwest Registered Agent.

There’s no uniform fee as to what a service provider will charge for filing the Virginia LLC Annual Report. The best brands in the business usually charge $100 or so.

Conclusion

If you’re the sole owner of the LLC and you have the time to spare, then it’s really no trouble doing this yourself. The main risk is that you may make a mistake, by entering the wrong information or by pressing the wrong keys. A professional with extensive experience with this task will be very unlikely to make those mistakes.

Still, it’s all up to you. Just make sure you get the Annual Report filing done for the year!