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Why Should You Care About Your Business’s Annual Filing with the Virginia State Corporation Commission?
By | Shafeek Seddiq
Why Should You Care About Your Business’s Annual Filing with the Virginia State Corporation Commission?
Owning a business is a tremendous responsibility and hard work yet also rewarding. One of those responsibilities is the filing of your business entity’s (corporation, limited liability companies, general or limited partnership) annual report and fees with the Virginia State Corporation Commission (SCC).
The SCC regulates businesses in Virginia. Remember when you first registered your business with the SCC, you had to pick a name, filled Articles of Organization or Incorporation, and paid the registration fee in accordance with the online forms referencing various Virginia laws (click here for form). Or perhaps you filled out one of those online legal forms, or purchased an existing business (say a restaurant) all without the benefit of an attorney’s counsel.
All of the information (registered agent name, addresses) you provided on the LLC’s Articles of Organization serve an important role in your business. This is why it is advisable that business owners keep updating the SCC database whenever any of the required information changes. Crucially important is filling your annual reports and fees. And neglecting or forgetting to update or file reports, could negatively impact your business entity.
The law requires you to pay your business entity’s annual fees within a certain time period, and if you forget to make that payment, the very existence, registration or certification of your business entity to transact business in Virginia (whether corporation, LLC, etc.) will be automatically terminated, revoked, or canceled.
You work seven days a week, 14 hours a day at your restaurant to one day learn that your business entity’s registration or certification or existence allowing you to run your restaurant maybe canceled, revoked or terminated. It is not worth it. Create an internal calendar alert to remind you in advance of the annual filing date enabling you to make that annual fee payment in time. Now, you can even make the payments online.
To learn more about the timing and cost of the annual filing and fees for your entity, see here: https://www.scc.virginia.gov/clk/befaq/an_regfees.aspx#a3
I would be happy to advise and assist you with these issues related to your business.
Call me at (703) 558-9311 or click here https://seddiqlawfirm.com/contact-us/ and send me a message so that I can set up a free consultation to discuss these or any other legal issues related to your business.
