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The Bureau of Financial Institutions (BFI) is a regulatory division of the Virginia State Corporation Commission (SCC.) This division is involved in consumer protection through administration of state laws regarding depository and non-depository financial institutions.
The majority of stockholders must vote in favor of conversion. File a certificate of conversion and other required documents with the Secretary of state. In many states, the S corporation is also required to file LLC certificates of formation.
Virginia LLC Cost. Filing the registration paperwork to officially form your Virginia LLC will cost $100. You'll also need to pay a yearly $50 fee to file your Virginia Annual Registration.
However, in Virginia, you must file form LLC1085-CORP-DOC and pay a minimum $25 fee to convert an LLC to an s corp. Therefore, you should consult with a qualified tax attorney or tax professional to ensure compliance with all applicable conversion regulations in your state.
If you own a corporation in another state and plan to do business in the Commonwealth of Virginia, you must register as a foreign corporation in VA. To get foreign corporation status, you'll have to complete an application for a certificate of authority with the State Corporation Commission (SCC).
How do I get rid of my LLC's S-corp status? If you already own an LLC, reverting back to being taxed as a partnership or a ?disregarded entity? instead of an ?S-corp? is quite simple. You'll need to file two documents with the IRS: a Statement of Revocation and Entity Classification Election (Form 8832).
You may find yourself in a position where converting your S Corp to an LLC is highly beneficial. The main reasons most S Corps convert to LLC are to avoid capital gains tax, to get different management options, to allocate profit share differently, and to have more flexibility in how they're taxed. Tax advantages.
Foreign LLCs must file an Application for Certificate of Registration with Virginia's State Corporation Commission and pay the $100 filing fee before they can legally do business in the state.