Business License Costs in Virginia
How much does it cost per year in Virginia to renew your business license?
How much does a business license cost in Virginia? The cost is based on your estimate of total gross receipts from opening day to December 31. If under $100,000, the license costs $50, the minimum tax.
Fees for Business License in Various Cities:
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Norfolk: $50 minimum tax if estimated gross receipts under $100,000. Over $100,000, charged a tax rate.
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Lynchburg and Williamsburg: $30 minimum fee.
Factors Affecting Cost:
- Type of business
- Location of business
- Gross receipts
Most licenses valid at least 2 years after approval. Can take up to 14 days to get approved, with temporary copy available.
Failing to obtain or renew a license can result in fines, lawsuits, or even arrest. Need to renew periodically, may involve an additional fee. Renewal required every 1-3 years.
LLC Renewal in Virginia
How often do you have to renew your LLC in Virginia?
You have to renew a Virginia LLC every year. The renewal fee must be paid annually to keep the LLC active. Failing to pay can lead to the state shutting down the LLC.
LLCs have pass-through taxation in Virginia. Income passes through the business to the owners. They pay personal taxes based on ownership percentage. The state has a 6% corporate tax on LLC income from Virginia sources.
Renewal Steps:
- File annual report with updated finances, ownership, address
- Pay renewal fees
- Get updated LLC certificate
Out-of-state LLCs doing business in Virginia must follow state tax and record-keeping rules. This includes paying minimum franchise tax.