Must file annual report with State Corporation Commission. Is authorized to issue shares of stock to raise capital. Must file IRS Form 1120, U.S. Corporation Income Tax Return, even if it had no taxable income for the year. Cannot have the same or similar name as another Virginia corporation. Must submit an annual report to the State Corporation Commission.
Shareholders generally have no individual liability.
Must file for a corporate charter with the State Corporation Commission. Must promptly file Form 2553, Election by a Small Business Corporation, with the IRS to choose S corporation status. Must file IRS Form 1120S, U.S. Income Tax Return for an S Corporation. LLCs generally prepare a written operating agreement specifying management and related roles, much like a partnership agreement. Each year profit is divided by agreement of members, without regard to the ownership of the enterprise.