West Virginia is home to a vibrant small business community, with over 113,000 businesses. You’re in good company if you are looking to start your own business. To reduce your personal liability, you might consider forming a limited liability corporation (LLC).
This guide will help you create a West Virginia LLC.
Establishing an LLC in West Virginia
It is a good idea to have a few things prepared before you file for an LLC. This will ensure that everything goes smoothly. It is not a good idea to file only to find out that your name isn’t unique enough, or that you haven’t properly designated an agent.
Check Name Availability
To check the availability of your business name, you can use the search tool provided by West Virginia Secretary-of-State (SOS). The SOS will flag your name if it is not unique enough when you register it. This is why the name search is so important. Based on the search results, make adjustments to your business’ name. This will ensure that your business name is distinct from other state-registered business names. An LLC name must contain “limited liability company,” “limited firm” or an acceptable abbreviation like “LLC” and “L.C.”
After you have obtained the name, you can make a reservation for 120 days for $15 by completing the Application to Name Reservation. If you do not plan to file your LLC documents immediately, it can be helpful to reserve the name.
Hire a Registered Agent
West Virginia LLCs may designate a registered agents to receive lawsuits and other legal documents. A registered agent can be either a West Virginia resident, or a corporation/LLC authorized to transact in West Virginia. This person is responsible for obtaining the proper documents to the LLC members.
If you do not designate a registered representative, the Secretary of States will serve as your agent and forward any legal documents to your company’s record address. There are deadlines to respond to legal documents. You can designate an agent to ensure that you receive notices as soon as possible.
You can either hire a registered agent or have a registered agent as a company member. To hire a registered Agent, it costs between $50 and $300 per year.
Register your domain
In today’s market, a website can be almost a necessity. It is important to ensure that your catchphrase or business name is available for domain names. You can do this by searching the domain registrar website. You can purchase a domain that you feel is right for your company once you have found it. It will be yours for one year, then it will need to be renewed by the company. Some companies offer longer terms. Common domain names cost $0.99 to $49.99 annually. Premium domain names are more costly.
Register Your West Virginia LLC
You will need to file Articles Of Organization with Secretary of State in order to register the LLC. It costs $100, which is waived for veterans-owned LLCs. The request takes between five and ten days to process. The following fees can be added to expedite your filing:
- 24 hours: $25
- Two hours: $250
- 500$ for one hour
You can either fill out forms online or file them in paper.
After You Form Your West Virginia LLC
After you have created the LLC, you will need to obtain a business license as well as an employer identification number (EIN), as required by law. To help manage the business, you’ll need to make an operating agreement.
Get a business license
To obtain a Business License, or a Certificate of Registration for a Business, contact the West Virginia State Tax Department. To obtain the license, complete the West Virginia New Business Registration Application. Send the completed application and payment to:
West Virginia State Tax Department, Tax Account Administration Division
Register & Account Correction Unit
P.O. P.O. Box 2666
Charleston, WV 25330-26666
Online applications are also possible.
Make an Operating Agreement
The operating agreement describes how the LLC will operate and each member’s role and responsibilities. It covers matters such as the division of profits, voting rights, and how new members are to be admitted. Although it is not required by law, the operating agreement can be used to help resolve any misunderstandings or disagreements.
Register for an Employer Identification Number (EIN).
Most LLCs must have a tax identification (TIN) number. This number will be used to open a bank account or file tax documents. A single-member LLC with no employees may be eligible to use a Social Security Number instead. However, many people choose to obtain an EIN for greater privacy and business growth. The Internal Revenue Service (IRS) will issue an EIN to you. You can apply online for an EIN .
Annual LLC Filings
The annual report must be filed between January 1st and July 1st of each year. You can do this online through the One Stop Business Portal. The annual report costs $25 and reaffirms all registered agents, members, and business addresses on file with the state. If you miss the deadline, a $50 late fee will be charged.
Correction of Filing Mistakes
Sometimes, you might find a mistake in your filed forms. You might find a spelling or address error. You can correct the error by completing and filing the Articles Of Correction. The $25 fee for this form can take up to 10 business days to complete.
Dissolve Your West Virginia LLC
You may wish to dissolve your company if it is no longer in business. You will file a Termination form with the Secretary Of State and pay $25. Also, you must file an administrative filing with your state tax department.
Most Frequently Asked Questions
How do I create an LLC in West Virginia
To create a limited liability company structure, file the Articles of Organization at the Secretary of State of West Virginia. This form costs $100.
What is the cost of an LLC in West Virginia
To form an LLC in West Virginia, it costs $100 and $30 to get a license to operate a business in the state. Veteran-owned businesses do not have to pay an LLC formation fee.
What is the time it takes to create an LLC in West Virginia
The Secretary of State takes five to ten days to process the Articles of Organization. Once the LLC structure is completed, you can apply for an EIN or open a bank account.