Alternatives For Incorporating In Virginia

2007-03-08 10:33:40

( Business )



Incorporating in Virginia can be accomplished without any assistance from anyone. In doing so, you save money because there is no need to pay for the professional services of a company to incorporate in Virginia. If you are unaware of the procedures for incorporating in Virginia, it can take you a longer time to submit all the required documentation.

You must note that filing your articles of incorporation is not the only requirement in order to incorporate in Virginia. You need to hold an organizational meeting for which by laws are created and resolutions are agreed upon regarding how your company will operate, you need to open a bank account, elect officers and directors and apply for a federal tax ID.

Additionally, you will need to decide on the maximum amount of shares that can be issued, and state this in the articles of incorporation. If there is more than one class of shares that are to be issued, the maximum amount of each type of shares must be indicated. You will also be required to provide the registered address of the corporation, and may need to appoint a registered agent (if the business you operate will not be located in Virginia); the contact details of your registered agent are also required.

The selection of a corporate name must also be done. The name that you select must not be similar to any business name in existence in the state of Virginia. The name you choose cannot contain or imply any words that indicate that the corporation organized is for the reason other than what is stated in the articles of incorporation. It also must contain one or more of the following words: “incorporation”, “corporation”, “company” or “limited”. Once you have selected a name for your business, you will be allowed to reserve the name for a certain period of time after paying a reservation fee.

Depending on the type of business that you plan to operate, a business license may also be required.

Incorporating in Virginia may also be done through a lawyer. Although you will need to pay a lawyer’s professional fees, you will be provided with sound legal advice on how to proceed. You are also ensured that you fulfill all documentary requirements, and have complied with the laws for incorporating in Virginia.

Using an incorporation service is also another way of incorporating in Virginia. These companies are very familiar with the incorporating process. The service prepares all the required documentation, and takes charge of submitting the documents to the proper government authorities. An incorporation service may not be able to provide you with the necessary legal advice, but may use of the services of a corporate lawyer to obtain any legal advice when needed.


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