RICHMOND — The State Corporation Commission (SCC) has adopted a new schedule for assessing annual registration fees against limited liability companies (LLCs) on file in its Clerk’s Office. The new schedule is effective April 30, 2011, and affects Virginia as well as foreign LLCs of record.
In prior years, all LLCs were assessed in the month of July and payments were due by October 1.
The new assessment schedule is based on an LLC’s anniversary month of formation (if a Virginia LLC) or registration to transact business in Virginia (if a foreign LLC). The anniversary month determines when an LLC is notified of the annual assessment, which is mailed to its Virginia registered agent – and when its annual registration fee payment is due, as reflected in the chart below.
|Anniversary Month of|
Formation or Registration
|Assessment Date||Notice of Assessment
|Payment Due Date||Automatic Cancellation Date|
for Nonpayment of Fee
|July|| May 1, 2011|| May, 2011 ||July 31, 2011|| October 31, 2011|
|August|| June 1, 2011|| June, 2011|| August 31, 2011|| November 30, 2011|
|September|| July 1, 2011|| July, 2011 ||September 30, 2011 ||December 31, 2011|
|October|| August 1, 2011|| August, 2011|| October 31, 2011 ||January 31, 2012|
|November|| September 1, 2011 ||September, 2011 ||November 30, 2011|| February 29, 2012|
|December|| October 1, 2011 ||October, 2011|| December 31, 2011 ||March 31, 2012|
|January|| November 1, 2011|| November, 2011|| January 31, 2012|| April 30, 2012|
|February||December 1, 2011|| December, 2011|| February 29, 2012|| May 31, 2012|
|March|| January 1, 2012||January, 2012|| March 31, 2012 ||June 30, 2012|
|April|| February 1, 2012|| February, 2012|| April 30, 2012 ||July 31, 2012|
|May ||March 1, 2012|| March, 2012 ||May 31, 2012 ||August 31, 2012|
|June|| April 1, 2012|| April, 2012 ||June 30, 2012|| September 30, 2012|
SCC records currently show more than 200,000 domestic and foreign limited liability companies registered to transact business in Virginia. The number of LLCs is nearly equal to the number of corporations in Virginia, which have been on a monthly assessment/payment schedule for more than 10 years. The Clerk’s Office of the SCC is responsible for mailing the assessment notices and processing annual registration fee payments.
According to Joel H. Peck, the Clerk of the Commission, “The revised schedule for limited liability companies will result in more efficient handling of the large volume of LLC payments and associated paperwork.” Peck adds, “Moving to a monthly schedule will satisfy several of our customers who are registered agents for numerous LLCs and who have asked for this change.”
The modified assessment schedule also prepares the Commission for additional online services soon to be offered via the SCC eFile website. An online payment option for LLCs will be available before the summer.
Peck suggests all LLC owners (as well as owners of other types of business entities) check with their registered agent to stay abreast of all entity-related correspondence received from the Commission.
The State Corporation Commission (SCC) is vested with regulatory authority over many business and economic interests in Virginia. These interests are as varied as the SCC's powers, which are delineated by the state constitution and state law. Its authority ranges from setting rates charged by large investor-owned utilities to serving as the central filing agency for corporations in Virginia.
The SCC's authority encompasses utilities, insurance, state-chartered financial institutions, securities, retail franchising, and railroads. It is the state's central filing office for corporations, limited partnerships, limited liability companies and Uniform Commercial Code liens.