The following list summarizes the steps for establishing a new company in Loudoun County.
- The first step is to go to the Virginia State Corporation Commission web site and search for the name you want to use for the company. If the name is in use by someone else, then you will need to decide on another name, which is not in use.
- Register the company (will need to decide the structure, i.e., LLC, incorporation, etc.), which will provide you with the Articles of Incorporation. If there is more than one person on the company registration, it is necessary to create an Operating Agreement.
- The next step would be to get an Employer Identification Number (EIN) from the IRS, which can be done online, and the EIN is issued immediately.
- Register the new company with the County or Town, to get a business license. Loudoun County has the following Incorporated Towns: Hamilton, Hillsboro, Leesburg, Lovettsville, Middleburg, Purcellville, Round Hill. If the company is located within the limits of one of these towns, you will need to contact the town for specific licensing requirements. If the company is located outside the limits of one of the Incorporated Towns, i.e., it is located in the County, will need to register with the Loudoun County Commissioner of Revenue, to obtain a business license. Depending on the business, there may be the requirement to file a building/zoning permit application with the Department of Building and Development. This should be discussed when registering with the County or Town, and there may be additional permits and registrations required.
- Establish a business bank account to use for the business. (You could run the business using your personal bank account, but it is good practice to separate personal and business finances and it helps with business accounting and taxes.) To do so you will need: Articles of Incorporation, EIN, Operating Agreement (if more than one person company), clearly stating who has signature authority, especially for banking transactions. When going to the bank to open the business account you will also need your ID. Note: Select a bank that offers the services you will need for your business. When deciding on a bank, it will be important to consider:
- Fees charged on business accounts.
- Minimum balance requirements.
- Transaction and other limits on business accounts.
- The bank is convenient to your location.
6. Determine other business needs, which may include: Business insurance, Business accountant, and/ or Business attorney. Even if there is no immediate need, it would be valuable to have established relationships, so when the need does arise, you know who to contact.
Following the above steps will ensure the new company is fully registered with all necessary agencies and can conduct business.