To form an LLC in West Virginian costs $100. This includes filing fees, annual reports, and taxes. If you do it yourself, you must file a certificate of organization with the secretary of state. You must pay a fee of $25 per person and $10 per corporation. In addition, there are penalties for late filings. For example, if you fail to file within 30 days of forming your LLC, you could face fines of up to $500.
There are many ways to form a limited liability company. Some people hire professionals to do it for them while others choose to do it themselves. Either way, there are several steps involved. First, you must decide whether to form an LLC as a sole proprietorship or a partnership. Then, you must determine what type of entity you want to form. Finally, you must register the LLC with the appropriate authorities.
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How Much Does a West Virginia LLC Cost?
An LLC costs about $100 per person to form. If you are planning to start up a small business, it might make sense to incorporate it in another state where there are fewer regulations. However, there is no filing fee if your LLC is private. You don’t need to file anything with the secretary of state’s office. Instead, you simply go online and register your LLC.
You can create a private limited liability company in any state. For example, if you live in California, you can set up an LLC in Nevada, Delaware, Wyoming, New York, or Texas.
West Virginia Annual Report Fee: $25
The annual report fee is required for companies doing business in West Virginia, including those based in states like Delaware and New York. Companies must pay the fee no later than January 31st of each year. They are charged $25 per employee. If you don’t already have employees, it might be worth considering hiring one or two people to help you manage your WV filing process.
Agent of Process Fee
The fee for registering agents of the process varies depending on the type of entity being represented. For example, corporations pay $100 per year; limited liability companies pay $150 per year; partnerships pay $200 per year, and individuals pay $300 per year.
This fee is charged annually by the Secretary of State’s Office.
The price to establish a foreign LLC in West Virginia
A foreign LLC must file an Application for Certificate of Authority (Form WV-1) before it can open a bank account or do any other business activity. The cost of filing this form is $150.00. Once the application is filed, there are no additional fees to maintain the status of the foreign corporation.
Foreign corporations are taxed differently than domestic companies. They are subject to tax on income earned within the state where they conduct business. If the foreign corporation earns income outside of West Virginia, it is required to report the income to the IRS.
Business Permits and Licenses
There are many types of business licenses and permits that must be obtained before opening a business. Some businesses require no permit while others do. A business license is mandatory in some states, while in others, it is optional. If you plan to start a business, check with the city clerk or county recorder to determine whether you need a business license or permit.
Other LLC Filing Costs
LLC owners often wonder about the cost of filing an amendment to their organization or operating agreement articles. This article explains the fees, what it takes to pay them, and whether there are ways to save money.
The fee schedule for filing amendments varies based on the type of document filed and the number of changes made. For example, if you want to add one member to your board of directors, you might pay $50 per person. If you want to change the name of your corporation, you might pay $100. And if you’re going to make major changes, such as adding a new manager or changing the way the board operates, you could pay anywhere from $300-$500.
If you decide to amend your articles of organization or operating agreements, you’ll likely need to submit multiple versions of the same document. Each performance requires a separate filing fee. For example, if your original articles of the organization included three members and you wanted to add another, you’d need to submit three amended documents. In addition to paying the filing fee, each document would require a signature from the secretary of state.
You can avoid having to file multiple documents by requesting a certified copy of your documents. A certified copy contains every single word of the paper, including signatures. Certified copies are typically much cheaper than submitting multiple documents. However, you’ll still need to pay the filing fee.
In some cases, the filing fee can be waived altogether. For example, the Secretary of State won’t charge you a fee if the amendment involves no additional information and doesn’t affect the document’s validity. Likewise, if you don’t plan to use the document again, you can request a free certified copy.
Frequently Asked Questions
What is the cheapest way to get an LLC?
You can save money on forming your limited liability corporation (LLC). Doing it yourself saves you hundreds of dollars. If you want to do it yourself, we recommend starting with the following steps.
1. Choose a name for your LLC
2. Determine whether you are required to register your LLC
3. Decide where to file your LLC papers
4. Select an LLC filing method
5. Prepare your operating agreement
6. Register your LLC
Is an LLC necessary?
If you are considering starting a business, it’s important to understand how limited liability companies work. In most states, there is no legal requirement to form an LLC, but many people choose to do so because it offers several benefits over a sole proprietorship or partnership structure. These include protecting your assets from lawsuits and creditors, limiting liability, and creating a separate corporate identity.
In addition to the above benefits, forming an LLC allows you to protect your intellectual property. Suppose you don’t want to give up ownership of your ideas, inventions, designs, or marketing strategies. In that case, you can incorporate them into your LLC rather than giving them away to partners or employees. You can also use an LLC to make money by selling products or services under your brand name.
While it is true that an LLC does require some additional paperwork and filing fees compared to a sole proprietorship or partnership, the process is simple and inexpensive. To start an LLC, you must file Articles of Organization with your state’s secretary of state’s office. Depending on where you live, the fee ranges from $50-$100 per person. After you form the LLC, you pay annual franchise taxes based on the value of your net worth, which is calculated annually. For example, if you had a net worth of $1 million in 2018, your tax bill would be $30,000.
James Rourke is a business and legal writer. He has written extensively on subjects such as contract law, company law, and intellectual property. His work has been featured in publications such as The Times, The Guardian, and Forbes. When he’s not writing, James enjoys spending time with his family and playing golf.