All Virginia businesses must file an annual report and pay a fee to renew their business registration with the Virginia SCC. If a business fails to file their annual report, it will no longer be in good standing with the SCC. Four months after being designated as such, the SCC will automatically revoke the corporation’s certificate of authenticity and formally consider the business to be abandoned and dissolved. Note, however, that there is a difference between formal registration with the SCC and the various obligations and liabilities owed by the business (and its owners) to creditors and other institutions. While the SCC may formally revoke your business’s registration, the various banks and other creditors that your business owes money to will still likely hold your business (and, potentially, you) liable for any outstanding debts.