I formed my VA LLC last spring. I knew about the annual report but somehow the $50 fee and the due date snuck up on me. What other ongoing things do you all deal with that aren't obvious when you first register? I'm trying to avoid penalties.
LLC Compliance
Virginia llc owners, what ongoing requirements caught you by surprise?
The annual report is the big one. But if you have employees, the VEC and workers comp requirements can be a surprise. Also, if youre in certain localities, there's a business license you renew every year.
Business personal property tax. No one told me I'd have to file a return for equipment and furniture with the commissioner of revenue each year. It's not just real estate.
Wait, what? I've had my LLC for 3 years and never filed a business personal property return. Am I in trouble?
Depends on your locality. Some counties are more aggressive than others. I'd check with your commissioner of revenue. Better late than never.
The registered agent thing. If you use a service, they charge annually. If you do it yourself, you have to remember to update the address if you move. I forgot once and missed a legal notice. That was a mess.
I'm the registered agent for mine. So if I move, I have to file something with the SCC? I didn't know that.
Yes, you have to file a change of registered agent address. It's not automatic.
Don't forget the BPOL tax if you're in a town or city. That's another license and fee. And the deadline is March 1st in many places.
Also, if you're a single-member LLC, you might need to file a Schedule C with your personal taxes. That's not really ongoing for the LLC but it's part of the deal.
I use a CPA for that. But the annual report and the BPOL I handle myself. I almost missed the BPOL last year because I thought it was was the same as the annual report.
Another one: if you have a trade name (DBA), you have to renew that with the SCC every 5 years. It's not annual but easy to forget.
And if you sell tangible goods, you have to deal with sales tax. The filing frequency depends on your volume. That's a monthly or quarterly thing for many.
I think the biggest surprise for me was the annual report fee increasing. It used to be $50 but I heard its going up? Or maybe that's just my locality.
I just got a notice that my annual report is due next month. I'll be sure to file on time. Thanks for the heads up on the other stuff. I need to look into the business personal property tax.
No problem. It's a lot to keep track of. I keep a spreadsheet with all the due dates.