WV LLC: Everything You Need to Know
When forming a WV LLC, you need to adhere to key specifications. This business structure offers a number of benefits, especially in terms of liability.3 min read
When forming a WV LLC, you need to adhere to key specifications. This business structure offers a number of benefits, especially in terms of liability. In the state of West Virginia, there are some unique requirements that you should be aware of. That way, you can ensure that all necessary steps are taken to protect both you and your company.
How to Form an LLC in West Virginia
In order to form a limited liability company (LLC) in West Virginia, you will need to name your company, choose a registered agent, and then file your articles of organization. Although an easy and affordable structure to form, it's important to be aware of the unique LLC requirements in the state of West Virginia.
- In West Virginia, an LLC will allow you to protect all personal assets. For example, if a lawsuit were to occur, your home and personal assets would be protected.
- This unique benefit is not available when operating a sole proprietorship or general partnership in the state of West Virginia. In these cases, owners are personally responsible if the business fails or a lawsuit takes place.
If you're interested in forming an LLC, you will need to register with the Secretary of State, submit all of the necessary documentation, pay the required fees, and meet all of the associated requirements (in regards to naming and formation).
What Are the Specifications Required of LLCs in West Virginia?
When forming an LLC in the state of West Virginia, please consider the following:
1. You must first register with the Secretary of State, submitting your articles of organization. To do so, you must include the following information:
- Your LLC name
- The purpose of your company
- The principal address
- The name and address of your registered agent
- If applicable, the LLC's website and email address
- The type of management associated with the company (i.e. manager-managed or member-managed)
- The liability of each member
- If different than the filing date, the effective date
- Contact details and a signature (signed by authorized signatory)
2. Forms and fees
- When registering your LLC, you must not only submit your articles of organization, but also pay the associated filing fee.
- The wait time to process your documents and filing typically takes between three to five business days. In some cases, submission volume may be slightly higher and the wait time will increase. You cannot expedite this service.
4. Formation requirements
- As stated above, the core formation requirements include your filing fee and articles of organization.
- If your LLC has more than one member, an LLC operating agreement is also strongly recommended.
Preparing Your LLC
To successfully form an LLC, take the following steps to ensure long-term success:
1. Understand LLC structure — One of the core benefits associated with an LLC is that it offers members flexibility in terms of management, liability, and taxation. In the state of West Virginia, you can also form a professional LLC, made up of lawyers or doctors. Also, if you are a foreign LLC, you can register in WV.
2. Choose an appropriate name — By law, your LLC must have a business name. Although this step can be rather daunting and confusing, the easiest way to ensure that your LLC name will be approved is to choose something that's unique and includes "limited liability company" or an abbreviation. Check whether or not your desired name is in use here. You also have the option to reserve a name for 120 days for a fee of $15.
3. Register as a foreign business — If you plan to do business as a foreign LLC in West Virginia, you will need to register your name and submit an application.
4.Choose members — You can form a single-member LLC. However, you can also form this type of business structure with partners, known as members. Please note: When you form a multi-member LLC, you will be required to file a partnership tax return.
5. Choose a registered agent — Your registered agent can be an individual or an entity.
6. Create an LLC operating agreement — This is not required but is highly recommended.
Although you'll need to take a number of critical steps before forming your LLC, once your company is formed, you will enjoy many benefits in terms of management and operations. If at any time you require assistance, it is important that you seek professional assistance. Take a proactive approach to set up your company for long-term success.
If you need help to form a WV LLC, you can post your legal need on UpCounsel's marketplace. UpCounsel accepts only the top 5 percent of lawyers to its site. Lawyers on UpCounsel come from law schools such as Harvard Law and Yale Law and average 14 years of legal experience, including work with or on behalf of companies like Google, Menlo Ventures, and Airbnb.