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corporations: Corporations that have elected status for federal purposes are automatically treated as corporations for Virginia purposes, and must file Form 502. Refer to the PassThrough Entities page for information about corporation filing requirements. The tax rate is 6% of Virginia taxable income.

Yes, it is possible to establish an S-corp as a one-person business. While traditionally S corporations are formed with multiple shareholders, the IRS allows a single individual to set up an S corporation. As an individual, you can be the sole shareholder, director, and employee of the S-corp.

To form a Virginia S corp, you'll need to ensure your company has a Virginia formal business structure (LLC or corporation), and then you can elect S corp tax designation. If you've already formed an LLC or corporation, file Form 2553 with the Internal Revenue Service (IRS) to designate S corp taxation status.

How to Start a Corporation in Virginia Name Your Corporation. Designate a Registered Agent. Submit Articles of Incorporation. Get an EIN. File the Beneficial Ownership Information Report. Write Corporate Bylaws. Hold an Organizational Meeting. Open a Corporate Bank Account.

Forming a Virginia S Corp Step 1: Come up with a distinguishable name. Step 2: Select a registered agent. Step 3: Submit formal paperwork. Step 4: Apply for an Employer Identification Number (EIN). Step 5: Issue stock. Step 6: Prepare initial documents. Step 7: Elect the tax status.

Virginia Department of Taxation Number Your Department of Taxation Account Number will match your nine-digit Federal Employer Identification Number (FEIN). You are solely responsible for inputting the three-digit location code at the end of the number.

Virginia tax extensions are automatic, which means there is no application to submit. A Virginia business extension will give a corporation 6 extra months to file its return, or 30 days beyond the Federally extended deadline, whichever date is later.

Yes, one person can form an S corporation and serve as its sole board member and employee. Note, however, that you'll still need to hold annual meetings of the board of directors and take minutes at those meetings, even if you're the only one in attendance.

The Form 502 should (1) report nonresident withholding only for income attributable to ineligible owners who are also nonresident owners subject to the withholding requirements (e.g., the nonresident corporate owners of the PTE) and (2) attach Schedules VK-1 to Form 502 only for such ineligible owners.