All Business Purchase Formula In Fairfax
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Virginia doesn't require businesses to obtain a general business license to operate within the state. But most cities and counties will require a business to obtain a local business license if it wants to operate within that city or county.
Each business location and each business activity is subject to BPOL Tax.
New businesses must file a business license application within 75 days of the date business began. Businesses may apply for a business license online or in person.
Section 4-7.2-1. (B) Gross receipts do not include revenues that are attributable to taxable business activity conducted in another jurisdiction within the Commonwealth of Virginia and the volume attributable to that business activity is deductible pursuant to Code of Virginia Sections 58.1-3708 and 58.1-3709.
Business, Professional, and Occupational License (BPOL) Tax. The City's BPOL Tax is managed by the Department of Finance's Business Unit. Owners of businesses in the City of Richmond are required to obtain a Richmond business license annually.
Business closures typically require documentation, which can include lease terminations, bills of sale, a copy of the business license from the new county of business, cancellation, and/or final tax returns (which must be marked as final).
Virginia has a 6.0 percent corporate income tax rate. Virginia also has a 4.30 percent state sales tax rate, a 1 percent mandatory, statewide, local add-on sales tax rate, and an average combined state and local sales tax rate of 5.77 percent.
