Before starting a business in Virginia, it is wise to perform a thorough Virginia business entity name search to be sure that you are in compliance with the regulations and that you are shielding your business interests.
An official search facility of the State Corporation Commission serves as the primary gateway to essential business data, including a quick check of name availability, the latest entity status, and necessary due diligence investigations.
The best way to know about an entity here is through the Virginia Business Entity Search, which is a reliable tool for your business creation. For instance, with the help of this, you can form a new company, research potential partners, and get information about competitors all at the same time.
In this article, I will explain the following things:
- What is the Virginia Business Entity Search?
- How to conduct a Virginia Business Entity Search?
- Guidelines for naming a company in Virginia.
- Steps to ensure legal compliance.
Therefore, if these are a few things that you want to know, keep on reading this article till the end…
What Is The Virginia Business Entity Search?
The Virginia business entity search is an online service that can be accessed by the public through the Virginia State Corporation Commission (SCC) Clerk’s Information System.
The official database is available to the public and contains information on all business entities registered in Virginia. This means users can view the filing history and registered agent history. Additionally, they can download filing images instantly without creating a login.
People who mainly use the tool are:
- Business owners.
- Investors.
- Lawyers.
- Researchers.
With the help of this, they are able to check the entity’s status, the name’s availability, and the business intelligence from the state’s primary website that provides access to the registration information.
Additionally, the main objectives of the Virginia business entity search are as follows:
- Checking the register for name availability: Making sure that the business name you want is not already taken
- Verifying the status of an entity: Checking the standing and compliance status of a business
- Conducting a due diligence investigation: Researching on possible associates, rivals, or targets for the acquisition
- Access to documents: Getting official filings, certificates, and compliance records
Types Of Business Entities In Virginia
Virginia has different types of business entities, each with different benefits for various business needs. Knowing these units will help you understand the results of your search and decide wisely when forming a company. For instance, here are some of them that you need to know:
- Limited Liability Company (LLC): An option that a lot of people use, which gives the freedom of operation with the protection of limited liability, is a good fit for small or medium businesses that want a simple management structure.
- Corporation: A typical business structure that provides a strong shield from liabilities and the possibility of raising capital through the issuance of shares, a perfect fit for businesses that are planning to grow extensively.
- Limited Liability Partnership (LLP): A structure that professional service firms use, which combines the advantages of a partnership with the protection against liabilities resulting from the actions of other partners.
- Limited Partnership (LP): An investment-oriented entity that consists of general partners who manage the operations and limited partners who provide the capital and enjoy limited liability.
- Nonprofit Corporation: Entities that engage in charitable, educational, or religious activities are the ones that benefit from a tax-exempt status while serving the community.
- Professional Limited Liability Company (PLLC): A group of licensed professionals, such as lawyers, doctors, and accountants, who work under this structure while fulfilling their professional licensing requirements and enjoying the benefits of an LLC.
Why Should You Conduct A Virginia Business Entity Search?
Virginia corporate or LLC searches are a major step after the formation of the business because they communicate that people will recognize your company by its unique name.
If you fail to verify the accessibility of the name and its difference from already registered names in the state, then you are risking that your business documents will be refused by the State Corporation Commission.
Moreover, carrying out detailed Virginia entity searches is a way to take care of your business needs while making sure you are following the rules of the state. Besides, such a process of research lowers the chances of risks, saves time, and provides strategic advantages in competitive business environments.
Checking Name Availability
According to Virginia law, the names of businesses are supposed to be different from other already existing entities. Searching for names before submission allows you to identify possible conflicts, find new names, and avoid the expense of changing the brand again or the rejection of your application later on.
Due Diligence & Risk Mitigation
Through entity searches, you can get significant information about your business partners, competitors, or investment targets. In addition, by scrutinizing a company’s position, compliance past, and registered agent, you not only avoid deceptive entities and those that are inactive but also demonstrate good practice in your decision-making process.
Legal Compliance
It is very important to keep up with changes in your company as far as tax returns, permits, and other regulatory requirements are concerned. Continual searches ensure that your enterprise is still in good standing status and also notify you of any compliance issues that need to be addressed quickly. Using official records also facilitates contracts, legal cases, and corporate filings.
Virginia Business Entity Search: Steps To Conduct The Perfect Search!
Here are the steps that you need to follow when you are conducting a Virginia Business Entity Search:
Enter The VA State Corporation Commission’s Website
Firstly, you need to go to the website. Where is it that you start the search for a business in Virginia? Well, you actually begin all Virginia business searches at the State Corporation Commission Clerk’s Information System.
Search Your Desired Business Name
Secondly, you must search for the right name. Maybe you want to check if the name “Plant Power” is available.
Go to the VA business search portal, enter “plant power” in the Entity Name field, and pick one of the following options: “Starting with,” “Exact Match,” or “Contains” by changing the drop-down menu.
Different search parameters help you to find different variations of the word. Besides that, you can also narrow down your search by splitting it into words (i.e., “plant” or “power”).
Check The Entity Status
Results of “plant power” search show that there are quite a few entity names which are either exact or similar. The Status column is where you should be looking when you do any VA entity search.
As a matter of fact, although some entries have been marked as inactive, it is still worthwhile to choose another name or a different variation to make sure that your business can be easily spotted.
In Virginia, it might not be the case that the name is available when the status is inactive, as a business has 5 years to renew its name. If you want to know more about the status, don’t hesitate to click on the Entity ID.
Virginia Business Entity Search Names Guidelines You Should Know
Here’s what you need to know about naming your business in Virginia:
- If you’re forming a limited liability company, make sure to include limited liability company or limited company (or the shortened versions) in the name.
- For corporations, the name has to have limited, incorporated, corporation, or company (or the short forms).
- The name can’t be too similar to other registered or reserved names, and it shouldn’t be confusing.
Keep in mind that there are more rules if you’re in public service, banking, or insurance.
Read Also: How Utah Business Entity Search Can Help You Evade Corporate Issues Legally
Other Naming Considerations With Virginia Business Entity Search
Don’t just check the State Corporation Commission when you’re searching for your VA company or LLC. Look into domain names, social media, and trademarks, too.
Domain Names
Websites like GoDaddy, Squarespace, and Bluehost let you see if the domain name you want is free. If it’s not, they usually show you other options you can buy.
Social Media Handles
Real quick, check social media to be sure your business name is open and that it matches your domain name.
Existing Trademarks
Doing this as part of your VA business search helps keep you from using someone else’s trademark. Check for trademarks on the United States Patent and Trademark Office database and on the state’s trademark info site.
Understanding The Virginia Business Entity Search Results
Detailed Virginia entity search results include status information that discloses the entity’s current compliance standing and operational status. These are the business terms that can help you understand the reliability of the company and also make business decisions.
Active:
Firstly, an entity that is in good standing with the state, having met all requirements for filings and fees. Entities that are actively engaged in business can legally carry out business activities and have full operational authority.
Inactive:
Secondly, there is ‘inactive.’ The entity has stopped its activities either by a direct decision or a failure to submit official documents. Inactive is a status that indicates non-existence of the business in a particular area but it is possible that the entity may still exist legally.
Forfeited:
Thirdly, the entity authority that the state had granted has been revoked due to non-compliance with tax obligations or failure to file reports that the state had requested. Forfeited entities are not allowed to conduct legal business activities until a new filing has been made and their status has been restored.
Dissolved:
The business entity has been completed with formal dissolution procedures and in the end ceases to exist legally. It is not possible to re-establish a dissolved entity and in the case of business operations, a new formation will be required.
Revoked:
SCC has revoked the registration of the entity due to significant compliance breaches or fraudulent activities. This represents the revocation of the most severe enforcement actions, which require comprehensive remediation.
Merged:
One of the entities has gone through the formal merger process. Therefore, the merged company is now the new entity. The surviving entity continues to operate, and the merged entity loses its independent existence.
Converted:
The entity basically decides to convert its legal structure while it is still the same entity. By doing this, businesses can change their type of entity without having to dissolve and reform.
Suspended:
Finally, it is a condition in which good business standing is temporarily lost due to certain compliance issues. The entities going through suspension can turn back to active ones by rectifying the issues leading to their suspension and paying the fees that are due.
Read Also: Why Illinois Business Search Matters For Companies To Stay Legally Compliant
Steps After Completing Your Virginia Entity Search
Your search results will give you steps to follow, depending on whether you’re starting a business/running one. These steps help you stay legal and protect your business.
For New Businesses
- Name Reservation: You can save your business name with the Virginia SCC for just $10. This holds it for you for 120 days so that no one else can take it while you are setting up your business.
- Get the Right Papers: File the right formation papers. It costs $100 to file Articles of Organization if you are an LLC, and $75 if you are a corporation. Make sure you fill them out right, or it could take longer, or they could even get rejected.
- Get Your Tax in Place: Sign up for state taxes with the Virginia Department of Taxation once you have formed your business. For instance, most businesses in Virginia need a license and to register for taxes.
- Check Which Licenses You Need: You might need extra licenses or permits for your type of business. Look into this early as you start.
For Existing Businesses
- Get Copies of Important Documents: Need copies of your formation documents, annual reports, or anything else? You can ask for them through the SCC site. You might need these for banking, contracts, or court.
- Annual Report: Virginia corporations have to file annual reports every year. The good news is that it’s free to file online. LLCs have to pay a $50 Annual Registration Fee each year to stay in good standing.
- Fixing Your Status: If your business status has been suspended, you’ll need to take steps to get it back. This means paying any fees you owe and fixing any other problems.
- Stay on Top of Compliance: Keep track of deadlines, payments, and any law changes. You don’t want to end up paying fines or getting in trouble.
