What is Virginia LLC Dissolution? |
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A Virginia LLC is created when the VA State Corporation Commission approves the Articles of Organization.
A record of the Virginia LLC is added to the list of LLCs which have officially registered with
the Virginia State Corporation Commission.
Once a LLC is registered with the Virginia State Corporation Commission, that LLC immediately has both reporting and tax
obligations which incur penalties if the obligations are not met by the required deadlines.
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A Virginia LLC is created when the VA State Corporation Commission approves the Articles of Organization.
A record of the Virginia LLC is added to the list of LLCs which have officially registered with
the Virginia State Corporation Commission.
Once a LLC is registered with the Virginia State Corporation Commission, that LLC immediately has both reporting and tax
obligations which incur penalties if the obligations are not met by the required deadlines.
If you've registered a Virginia LLC with the Virginia State Corporation Commission and want to cease business activities
you have to let the VA State Corporation Commission know that you intend to close your company.
Only after the VA Secretary of State has made sure that all of the obligations of the Virginia LLC have been fulfilled will
the State Corporation Commission approve of the closure of the company.
When the Virginia State Corporation Commission approves the closing of a VA LLC, that Virginia LLC is said to be
Dissolved.
The process of Dissolving a Virginia LLC is called Virginia LLC Dissolution.
A Virginia LLC must have paid all fees and penalties due to the VA Corporation Commission before the Commission will accpt Articles of Cancellation for the Virginia Limited Liability Company.
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Why do I need to Dissolve a Virginia LLC? |
As soon as a Virginia LLC is registered with the VA State Corporation Commission, that LLC is responsible for
recurring obligations of the Virginia State Corporation Commission and the Virginia Department of Revenue.
If the Virginia LLC does not file reports or pay taxes then that VA Limited Liability Company could be responsible for
penalties which go up as time goes by.
Unless you Dissolve your Virginia LLC with the Virginia State Corporation Commission that VA Limited Liability Company will be responsible for
all recurring fees and penalties.
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What do I have to do to Dissolve a Virginia LLC? |
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Virginia LLC Dissolution is one part of a larger process commonly called the "Winding Up" process.
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Virginia LLC Dissolution is one part of a larger process commonly called the "Winding Up" process.
There are things you need to do before you can request approval of LLC Dissolution from the Virginia State Corporation Commission;
and things that you have to do after the VA State Corporation Commission has approved Dissolution of the Virginia LLC.
What you have to do both before and after the Virginia LLC is Dissolved largely depends on if the Virginia LLC has commenced business
and how many assets, debts and liabilities, if any, that the VA Limited Liabilty Company has.
If the Virginia LLC has not commenced business then the VA Limited Liability Company Dissolution process is easier.
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What do I have to do before I Dissolve a Virginia LLC? |
Things you need to do before you Dissolve a Virginia LLC.
1. Hold a Members meeting and record a resolution to Dissolve the Virginia LLC
2. File all required Annual Registrations with the Virginia State Corporation Commission
3. Clear up any business debt
4. Pay all taxes and administrative fees owed by the Virginia LLC
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1. Hold a Members meeting and record a resolution to Dissolve the Virginia LLC
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If the Virginia LLC has any Members then a meeting should be held and a vote to Dissolve the Virginia Limited Liability Company taken.
Minutes of the meeting should be recorded and retained in the business records.
If the Virginia LLC does not have any Members then the Organizer(s) have to apply for Dissolution of the Virginia LLC.
- We can transcribe and compile minutes or approvals into a form that is legally recognized by the Virginia State Corporation Commission.
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2. File all required Annual Registrations with the Virginia State Corporation Commission
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The Virginia State Corporation Commission will not approve the Dissolution of a VA LLC until all required
reports have been filed.
- We can file any required Annual Registration with the VA State Corporation Commission.
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3. Clear up any business debts
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All creditors of a Virginia LLC should be given notice of the pending LLC Dissolution.
Each creditor should be given a mailing address to which they may submit claims as well as a deadline by which claims may
be submitted.
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4. Pay all taxes and administrative fees owed by the Virginia LLC
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The Virginia State Corporation Commission will definitely not approve the Dissolution of a Virginia LLC until all
outstanding taxes and applicable registration and administrative fees have been paid.
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What do I have to do after I Dissolve a Virginia LLC? |
Things you have to do after you Incorporate in Virginia.
1. Distribute all remaining assets of the Virginia LLC
2. Close all business bank accounts of the Virginia LLC
3. Cancel all local business licenses and permits
4. File Form 966 with the IRS
5. Cancel the IRS account associated with the VA LLC's Federal Tax ID (EIN)
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1. Distribute all remaining assets of the Virginia LLC
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If the Virginia LLC has any remaining assets, these may be divided according to the Members' ownership interests
in the VA Limited Liability Company.
All distributions to LLC Members must be reported to the IRS.
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2. Close all business bank accounts of the Virginia LLC
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If there are any business accounts that have been opened for the Virginia LLC then those accounts must be closed.
If Company Business accounts are left open there may be liability and obligations of the Dissolved Virginia LLC which could
lead to legal problems down the line.
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3. Cancel all local business licenses and permits of the VA LLC
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If the Virginia LLC has obtained any state, regional, county or city business licenses or permits, each
of those must be cancelled to avoid any reporting or fiscal obligations of the Virginia LLC.
This includes business registration licenses as well as reseller permits.
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4. File IRS Form 966
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Most Dissolved Virginia LLCs must file IRS Form 966 with the US Internal Revenue Service.
If a Virginia LLC is required to file IRS Form 966, the filing is required within 30 days after the final Dissolution
plan is approved.
Filing IRS Form 966 lets the Federal Government know that the Virginia LLC has been legally Dissolved
so that it may take the appropriate actions.
- We can prepare IRS Form 966 for you to file.
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5. Cancel the IRS account associated with the VA LLC's Federal Tax ID (EIN)
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A Federal Tax ID, or Federal Employer Identification Number (EIN), is like the Social Security Number for the Virginia LLC.
Once the IRS links an EIN to a Virginia LLC, that EIN stays with the Virginia LLC even after the Company has been Dissolved by the
Virginia State Corporation Commission.
When the IRS processes the final tax return for the Virginia LLC, they automatically make the EIN inactive.
However, the account associated with the EIN is not automatically closed.
Closing the account associated with the EIN lessens the likelihood of any problems with the EIN account, or with the IRS, in the future.
If you should decide to revivie the Virginia LLC down the line then the IRS will reactivate the old EIN for your new Business.
Before a Virginia LLC can close an EIN account, it must be in Good Standing with the IRS.
The Virginia LLC must have filed all required tax returns and paid any applicable fees and penalties due to the IRS.
The Virginia LLC cannot close its EIN account until the IRS has received payment for any tax amounts the Company may owe.
- We can prepare the formal documents which you can sign and submit to the IRS in order to close the account
associated with your EIN.
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How long does it take to Dissolve a Virginia LLC? |
The time it takes to Dissolve a Virginia LLC varies depending on how long it takes to complete the actions that are
required in each specific case - holding meetings, closing accounts, distributing assets, etc.
Once the initial actions are completed, the Virginia State Corporation Commission usually takes around 7-10 business days to process the Articles of Cancellation.
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The time it takes to Dissolve a Virginia LLC varies depending on how long it takes to complete the actions that are
required in each specific case - holding meetings, closing accounts, distributing assets, etc.
Once the initial actions are completed, the Virginia State Corporation Commission usually takes around 7-10 business days to process the Articles of Cancellation.
Processing times for Virginia LLC Dissolution filings vary depending on the work load of the
State Corporation Commission's staff.
We've found that normal processing of Virginia Dissolution filings takes the state around 7-10 business days.
PLEASE NOTE: WE CANNOT GUARANTEE VIRGINIA STATE CORPORATION COMMISSION PROCESSING TIMES.
We are dependent on, and have no control over, the staff and systems of the Virginia State Corporation Commission .
In our experience 7-10 business days is the time it usually takes the Virginia
State Corporation Commission to process a Virginia Dissolution filing.
We get your Virginia LLC Dissolution filing to the VA State Corporation Commission ASAP.
Once it is at the state we have no control over the Virginia Dissolution approval process.
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How much does it cost to Dissolve a LLC in Virginia? |
The total cost to Dissolve a Virginia LLC varies depending on exactly what is required for each specific
VA Dissolution.
We charge $224.00 plus any state fees for our Virginia LLC Dissolution services. This includes:
- Same day processing
- Transcribe minutes of Members meeting which proposes Dissolution
- Prepare and file Articles of Cancellation with the Virginia Secretary of State
- Prepare US IRS Form 966 for you to sign and file
- Prepare documents to cancel Federal EIN account
- Certified copy of Dissolution filing from VA Secretary of State
- Priority Mail Delivery of all documents
- Unlimited Customer Support
We also offer these Virginia LLC Dissolution services separately as explained on the right side of this web page.
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What do I have to do if I want to Dissolve a Foreign LLC that is tied to a VA Domestic LLC? |
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If there are Foreign LLCs in states other than Virginia that are tied to the Domestic Virginia LLC then
each of those Foreign LLCs must be Dissolved before the Virginia LLC is legally Dissolved.
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How long before someone can use my LLC name in Virginia after I Dissolve? |
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A Virginia LLC company name becomes available for anyone to use when the Virginia Limited Liability Company is Dissolved by the Virginia State Corporation Commission.
There are no LLC company name protections in Virginia once a Virginia LLC has been Dissolved by the Virginia State Corporation Commission.
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Do I have to publish a Notice of Dissolution of the Virginia LLC? |
There are no state of Virginia requirements for the publication of a Notice of Dissolution of a Virginia LLC.
While the Virginia State Corporation Commission does not legally require the publication of a Notice of Dissolution of a Virginia LLC, publication is
a good way to notify anyone who might have a claim against the Virginia LLC.
Evidence of publication might prove useful down the line if someone makes a claim against the VA Limited Liability Company after
the Virginia LLC has been dissolved.
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