How to dissolve a Virginia Limited Liability Company

How do you dissolve a Virginia Limited Liability Company?

To dissolve your Virginia Limited Liability Company you complete and file form LLC-1050, Articles of Cancellation of a Virginia Limited Liability Company. You state on the form that you have completed winding up affairs and the instructions refer to paying all debts, liabilities and obligations of the company.

A manager or member of the Virginia LLC must sign the articles of cancellation.

Is there a filing fee to dissolve or cancel a Virginia LLC?

To dissolve your Limited Liability Company in Virginia, there is a $25 filing fee.

Your registered agent service in Virginia may be able to help you with the dissolution process

Do you need a Department of Revenue clearance before the Virginia Secretary of the Commonwealth will accept your dissolution?

No. Just be current with all fees to the Corporation Commission.

How long does it take the state to process the filing?

Regular processing is 1 – 2 weeks.  You can call (804) 371-9733 to get an estimated processing time. Expedited service for this document is same day for $200 if filed before noon, $100 for next day processing.  Always have the Expedited Service Request form on top of the document.

How long before someone can take your business name?

Certificates of termination processing time could vary but in most cases it is 3-5 days. The hard work is done at the Virginia Comptroller’s office.  A form 05-359, Request for Certificate of Account Status, takes 4-6 weeks to process and receive your tax clearance.

How long before someone can take your business name?

You give up the rights to your business name as soon as your articles of cancellation are processed. You will receive an acknowledgement that you company is dissolved in Virginia.

What is the penalty if you do not dissolve properly and just don’t file your annual reports?

Your Virginia limited liability company will be administratively dissolved three months after the due date of your annual registration fee if it is unpaid. Immediately after the due date, delinquent LLCs are penalized $25. Limited Liability Companies in Virginia do not file annual reports, but they do have an annual fee.

What are the late fees and penalties to re-register if you didn’t file a withdrawal correctly?

Virginia limited liability companies are penalized $25 if the annual registration fee is not paid by its due date. The penalty is added every year. To reinstate your limited liability company in Virginia, you will need to pay all your back annual registration fees and penalties, $75 per year, plus a $100 reinstatement filing fee. Go here and Virginia will figure out the entire reinstatement bill for you.