Planning is the key to success when launching a new venture from scratch. So, when you are aware of all the steps it takes to start an LLC in West Virginia, the next thing to plan is costs.
Our detailed overview of West Virginia LLC cost will help you create an accurate estimate without missing a tiny nuance and adding any unnecessary expenses to it. Take a look and optimize your startup plan to the max.
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Statistically, small businesses prevail in all states. And a limited liability company becomes more and more popular as a legal structure due to the multiple benefits it offers both to the company and to its owners.
With a lot of good about it, an LLC is not free of charge. It requires state registration and entangles certain statutory payments that differ by state. That’s why the LLC cost in some states is lower while other states come up with higher pricing.
Some of the LLC fees in West Virginia are compulsory and will pop up on your list one way or another. Yet, some fees are optional and depend on the type of LLC you are going to form and other factors specific to your individual situation.
By and large, the payments you’ll have to make can be split into two main categories:
To make your calculations easier and give you an idea of what points will appear on your estimate, we’ll categorize the LLC fees in West Virginia into:
|State filing fee||$100|
|Foreign LLC filing fee||$150|
|Registered agent change fee||$15|
|Certificate of Good Standing||$10|
|Certified document copies||$15 per document + $5 per any amended version|
|Articles of Amendment||$25|
|LLC dissolution rate||$25|
This group of expenses embraces mostly obligatory state costs and a number of fees that will become a part of your future company’s budget on a regular basis. Those fees are normally charged at flat rates, so planning won’t be a problem.
It’s the first fee to consider since it’s directly linked to the WV LLC formation. Formally, launching an LLC is about getting your Articles of Organization approved by the Secretary of State.
The state filing fee in West Virginia is $100 for both online and paper filings. Notably, military veterans seeking to establish an LLC in this state are exempt from this statutory payment.
The time it takes for the state to review and bring back your LLC statute is around 5 to 10 business days. And West Virginia is one of the jurisdictions that have expedited document processing. Hence, you can speed up the whole procedure by paying some extra:
With that, setting up an LLC in West Virginia in a matter of hours is not an empty promise. It might be of great help when you need to get a legal structure asap.
With no bureaucracy to it, an LLC still has some law requirements to follow. Thus, a registered agent is one of the LLC must-have elements across the states. It’s called an agent of process (AP) in West Virginia.
The AP's key functions are:
The agent of process cost directly depends on who you’ll appoint for this role since state laws are not limiting and you have a number of alternatives:
While serving your own agent or designating some of your personal acquaintances will cost you nothing, engaging a professional will come at a cost.
If you want professional help at an affordable price, we recommend that you consider one of the best registered agent services in West Virginia that will offer much more than just handling your mail.
The AP service price varies from about $35-$50 for domestic agent services operating only within the WV jurisdiction to about $125-$150 for national service providers operating across the US.
Only a few US states have no state reporting requirements and WV is not one of them. The state law calls for LLCs to submit an annual report to the Secretary of State along with a $25 reporting fee.
You can file online via the WV Business portal and should report before July 1 each year. If you miss the deadline, you’ll be exposed to a $50 penalty. And failure to file might lead to more serious problems such as administrative dissolution.
LLCs registered in other states should foreign qualify to become eligible and lawfully operate in West Virginia.
To get a foreign qualification for the existing company, you should file an Application for a Certificate of Authority with the Secretary of State and pay a $150 filing fee.
The process is very similar to filing the Articles of Organization. And online filing is simple and fast.
To legally conduct entrepreneurial activity in West Virginia under the umbrella of the LLC structure, it’s not enough to register your company with the state. You’ll be also required to get a permanent business registration license.
This license costs $30 and is issued by the WV Tax Department. You will have to fill in an application form, print and sign it, and send it by mail to the following address:
West Virginia State Tax Department
Tax Account Administration Division
Registration & Account Correction Unit
P.O. Box 2666
Charleston, WV 25330-2666
In addition, there could be other licenses and permits you might need to get for your entity depending on the type of activity you run. To compile a complete list of permissive documents relevant to your LLC, visit the WV Business Portal.
As far as the pricing is concerned, fees vary for different types of licenses from about $20 at a lower end to over $20.000 at a higher end. You should check with your clerk’s office for the appropriate license cost.
In West Virginia, your newly formed LLC will be open to the following taxes:
These charges normally cover one-time fees payable for some additional services you might need when forming your LLC in WV or keeping it compliant. You will hardly need all of those services at once and most of them depend on the nature and type of your business.
Unlike non-registered entities, LLCs are required to have a distinguishable name not used by any other business entity in the formation state. Hence, in West Virginia, you can reserve the desired name for a period of 120 days if it appears available for use.
You should complete Form NR-1 on the Secretary of State’s website and pay a $15 reservation fee. This service is of use to those filers who need a bit more time to finish any other tasks before filing an LLC.
A DBA (doing business as) or fictitious name is a moniker different from the one registered in your company’s statute.
The law allows LLCs to have multiple DBAs that, in turn, entitle companies to launch several services or product lines under the same LLC structure, thus, growing their businesses without going into added formalities.
Each DBA requires a separate registration. You should file Form NR-3 on the state department’s website and pay a $25 fee for each name you plan to use.
Issued by the Secretary of State’s office, this document is called a certificate of good standing. It verifies the LLC’s compliance with the state rules and requirements and is often required by financial and licensing agencies and institutions to prove your LLC’s legitimacy.
You can order the document via the WV Secretary of State’s website by filing an online form and paying a moderate $10 fee.
There are many situations when you might need certified copies of your LLC documents in the course of running entrepreneurial activity.
A copy of your Articles of Organization, DBA registration, Certificate of Good Standing, and any amendments thereof might be required by vendors or suppliers you sign contracts with or by any regulatory authorities to verify their authenticity.
It’s the Secretary of State that issues certified document copies in West Virginia. The price is $15 per document plus $5 for an amendment or any extra filing.
If you need to change your company’s name, structure, or purpose, you’ll need to file amendments to your registered Articles of Organization with the Secretary of State.
You can find the appropriate form on the SOS website and submit it along with a state fee of $25.
To officially quit, withdraw, or terminate your LLC as a legal entity, you should file the Articles of Termination with the Secretary of State.
You can do it either online via the WV Business Portal or send the printed form by mail to the following address:
West Virginia Secretary of State
1900 Kanawha Blvd E.
Bldg 1, Suite 157-K
Charleston, WV 25305
Whatever the filing method, you should pay a processing fee of $25. If you need a certified copy of the document in return, you’ll be charged $15 more.