Famous for white water rafting, coal mines, and the Appalachian National Scenic Recreational Trail, we’re taking a closer look at how to incorporate in West Virginia today, and all the great benefits it has to offer small business!
Home to West Virginia University, the 95th best public university in the country, and to Morgantown, a city ranked by Forbes as #10 for being one of the best small cities in the country to conduct business in (ranking from 2010), West Virginia also has a corporate income tax rate of 7%, which has been scheduled to be reduced to 6.5% in 2014.
If you’re a west Virginia resident, there’s a good chance you’re involved in the coal business. In terms of coal-producing, West Virginia is ranked the second biggest coal-producing state in the U.S. (first place goes to Wyoming). So if you want to start a business in the coal industry, West Virginia could be the perfect place for you and your business.
Though West Virginia wasn’t given the best ranking compared to the rest of the states in the Forbes best states to do business in list, it did get positive notes in individual categories. W.V. received high rankings in business costs and economic climate, falling in at 13th and 12th place respectively.
Ready to incorporate in West Virginia? Keep these tips in mind first before getting started!
- The West Virginia Secretary of State provides plenty of valuable resources to small business owners including information new business registration, DBA registration and withdrawal, how to request a change of address for a registered agent, and LLC cancellation.
- When forming an LLC in West Virginia, all companies must include some variation of the tile “Limited Liability Company” in their business name. Business owners can also use: “L.L.C.,” “LLC,” “L.C.,” or “LC.” ‘Limited’ may also be abbreviated as “Ltd.,” and ‘Company’ can be abbreviated as “Co.”
- All West Virginia LLCs need to appoint a registered agent. An RA is a person who receives notices of process, among other paperwork, on behalf of the company. The registered agent can be a full-time resident of West Virginia, or an RA company authorized to do business in West Virginia, as long as they have a physical address in the state.
- Any LLCs formed outside of West Virginia can still do business in West Virginia by filing for an Application of Authority of Limited Liability Company, along with a certificate of good standing/existence from their home state.
- West Virginia allows Foreign LLCs to file for an Application for Exemption from Certificate of Authority of a Limited Liability Company as long as the LLC’s activities do not constitute transacting business in West Virginia
Start your business in the Mountain State today! Give us a call at 1 (877) 692-6772 or leave a comment below!