An LLC in West Virginia is legally required to have a name that contains the words “Limited Liability Company”, “Limited Company”, “L.L.C.”, “LLC”, “LC”, or “L.C.”. The word “Limited” can be shortened to “Ltd.” and the word “Company” can be abbreviated to “Co.”. Names can be searched for availability by using the Business Organization Search at the West Virginia Secretary of State Website (http://apps.sos.wv.gov/business/corporations/).
The formation of a West Virginia LLC is finalized by filing the Articles of Organization with the Secretary of State. The articles must include the LLC’s name and address, the registered agent’s name and address, the date of formation, the term of existance for the LLC, any liabilities or personal responsibility the members will assume for LLC debts, the purpose of the LLC, and whether it will be managed by a member of manager. The articles can be filed online at the Business4wv website or Legalzoom.com
What is an LLC?
LLC refers to a Limited Liability Company, and it is organized by business owners. They have fewer corporate formalities and can be taxed by the IRS as a sole proprietorship, S corporation, or C corporation.
Each state has different requirements and regulations regarding the formation of an LLC. Business owners should check with state laws when considering forming an LLC.
Owners of LLCs are known as members, they can be individuals, corporations, other LLCs, or foreign entities. There is no limit on the number of members an LLC can have. In most states, “single-member” LLCs are allowed, where there is only one owner involved in managing the LLC.
The IRS will treat the LLC as a corporation, partnership, or included in the LLC owners personal tax return. A domestic LLC with at least two members is classified as a partnership for federal income tax purposes unless they file Form 8832 and elect to be treated as a corporation.
LLCs carry tax advantages over other forms of business such as limited partnerships. The owners of an LLC do not assume personal liability for business debt, and any losses of the LLC can be used as tax deductions against active income.
An LLC can be formed through the state business formation process or consulting with LegalZoom.