Virginia S-Corporation Status – Kit
Form reviewed by Bahman Eslamboly, Attorney at FindLegalForms
This S-Corporation Status Kit contains important information and guidelines for qualifying your corporation for S-corporation status. This kit is for use in Virginia and is available for immediate download.
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This S-Corporation Status Kit for Virginia includes the following:
- Notes and Requirements for S-Corporation Status
- S-Corporation Checklist
- Notice of Special Shareholders Meeting Regarding S-Corporation Status
- Affidavit of Mailing of Notice of Special Shareholders Meeting Regarding S-Corporation Status
- Waiver of Notice of Special Shareholders Meeting Regarding S-Corporation Status
- Minutes of Special Shareholders Meeting Regarding S-Corporation Status
- Resolution of Shareholders Regarding S-Corporation Status
Protect Yourself and your Business by using our professionally prepared up-to-date forms.
This attorney-prepared packet contains:
- General Information
- S-Corporation Status Kit for use in Virginia
Virginia S-Corporation Status – Kit
Product Details
| Product | Virginia S-Corporation Status – Kit |
| Country | United States |
| Pages | 11 |
| Dimensions | Designed for Letter Size (8.5" x 11") |
| Printer compatibility | Designed to print on all ink-jet and laser printers |
| Editable | Yes (.doc, .wpd and .rtf) |
| Format |
Microsoft Word Adobe PDF WordPerfect Rich Text Format |
| Platform |
Windows Compatible Mac Compatible Linux Compatible |
| Availability | In Stock. Instant Download |
| Usage | Unlimited number of prints |
| Category | S-Corporation Status |
| Product number | #40231 |
| Download time | Less than 1 minute (approx.) |
| Document Access |
Via secret online address Email with download links Email with attachment upon request |
| Refund Policy | 60 days, no-questions asked, 100% money back guarantee |
Frequently Asked Questions
An S-Corporation is a special type of corporation that meets specific Internal Revenue Code requirements. It allows income, losses, and tax credits to pass through to shareholders, avoiding double taxation at the corporate level.
To qualify for S-Corporation status in Virginia, your corporation must meet certain criteria, including having no more than 100 shareholders, all of whom must be U.S. citizens or residents, and only one class of stock.
The kit includes essential documents such as a checklist, notices for shareholders meetings, affidavits of mailing, minutes of meetings, and resolutions regarding the S-Corporation status.
Yes, existing corporations can elect to be treated as S-Corporations by filing Form 2553 with the IRS, provided they meet the eligibility requirements.
S-Corporations allow profits and losses to be passed through directly to shareholders, which can reduce overall tax liability and avoid double taxation that typically affects C-Corporations.
Is This Form Right For You?
Use This Form If:
- Individuals who are forming a new corporation in Virginia may need this S-Corporation Status Kit to ensure they understand the requirements and processes involved in qualifying for S-corporation status. This kit provides essential guidelines and documentation to streamline the application process.
- For existing corporations looking to change their tax status, this kit serves as a comprehensive resource to navigate the transition to S-corporation status. It includes necessary forms and checklists to facilitate compliance with IRS regulations.
- Situations requiring a special shareholders meeting to discuss S-corporation status can benefit from this kit, as it provides templates for notices, minutes, and resolutions. This ensures that all legal requirements are met during the meeting.
- Business owners seeking to maximize tax benefits may find this kit invaluable for understanding how S-corporation status can affect their tax liabilities. The included information helps them make informed decisions about their corporate structure.
- Entrepreneurs who need to communicate with shareholders about the implications of S-corporation status will find the provided templates useful for drafting notices and meeting minutes. This helps maintain transparency and compliance with corporate governance standards.
Do Not Use If:
- – This form is not appropriate for corporations that do not meet the eligibility criteria for S-Corporation status, such as those with more than 100 shareholders or multiple classes of stock. Attempting to use this kit in such cases could lead to compliance issues.
- – If a corporation is already classified as a C-Corporation and does not wish to change its tax status, this kit would not be necessary. The forms and guidelines are specifically tailored for those seeking S-Corporation status.
- – For businesses that are not incorporated and operate as sole proprietorships or partnerships, this kit is not applicable. These entities have different legal and tax considerations that do not involve S-Corporation status.
- – In situations where a corporation is facing legal issues or disputes among shareholders, this kit may not provide the necessary legal support. Consulting with a legal professional would be more appropriate in such cases.
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Package of the most frequently used forms to start a corporation for use in all states.
Product Laws
S-Corp Information - Virginia
Clerk of the State Corporation Commission
PO Box 1197
Richmond, VA 23218-1197
Telephone: 804-371-9733
State web address: http://www.virginia.gov/cmsportal2/
State law reference: Code of Virginia, Title 13.1, Chapter 9.
Title of filing: Articles of Incorporation.
Filing Fees: $25.
Other fees: Charter fee, minimum $50, variable fee based on stock amount ($50 per 25,000 authorized shares;
maximum fee of $2,500).
Name reservation: Reservable for renewable 120-day periods for $10 fee. (Section 13.1-631).
Name requirements: Corporation, Incorporated, Company, Limited, or abbreviation. (Section 13.1-630).
Incorporator requirements: One or more persons or entities. (Section 13.1-618, 13.1-603).
Corporate purpose requirements: General “all purpose” clause (see instructions). (Section 13.1-626).
Director requirements: One or more (may be nonresidents). (Sections 13.1-674, 13.1-675). But the shareholders
can agree that there will be no board of directors and the corporation will be managed by shareholders instead.
(Sections 13.1-673, 13.1-671.1).
Paid-in capital requirements: None.
Annual report requirement: Yes, to Virginia State Corporation Commission. (Section 13.1-775). No filing fee;
however, annual registration fee is assessed based on the number of shares the corporation is authorized to issue.
Fee is $100 for first 5,000 shares, plus $30 for each additional 5,000 shares.
Publication requirements: None.
Other provisions: If the registered agent is an individual, he or she must be either an individual who is (1) a resident
of Virginia and a director of the corporation, or (2) a member of the Virginia State Bar. If the registered agent
is a business entity, it must be authorized to transact business in the Commonwealth. The Articles of Incorporation
must explain which category the corporation’s registered agent fits. (Section 13.1-619). Additionally, if the
registered agent’s qualification is that of an initial director, then all initial directors must be named in the Articles.
A corporation can have directors immediately upon formation only if the directors are named in the Articles.
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