West Virginia Corporate Ownership Statement is a document that must be filed with the West Virginia Secretary of State's office to form a corporation in the state. It includes information about the corporation's owners, such as the names and addresses of the owners, the number of shares the owners hold, and the purpose of the corporation. There are two types of West Virginia Corporate Ownership Statements: Initial Statements and Annual Statements. An Initial Statement must be filed when the corporation is first formed and an Annual Statement must be filed each year thereafter. Both statements must be signed by the corporation's officers or members and must include the corporation's name, address, and purpose.
West Virginia Corporate Ownership Statement
State:
West Virginia
Control #:
WV-SKU-0036
Format:
PDF
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Corporate Ownership Statement
How to fill out West Virginia Corporate Ownership Statement?
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FAQ
In the State of WV, minerals are considered property and therefore fall under the Ad Valorem Property Tax. All real and tangible personal property, with limited exceptions, is subject to property tax.
While the royalties you could earn from your ownership of mineral rights are taxed as ordinary income, the IRS considers the amount gained from selling those rights to be a capital gain. As with the sale of real estate or other capital assets, you report the sale of mineral rights on Form 4797.
Incorporation: ~1-2 business days mail or online. Choose a Corporate Structure.Check Name Availability.Appoint a Registered Agent.File West Virginia Articles of Incorporation.Establish Bylaws & Corporate Records.Appoint Initial Directors.Hold Organizational Meeting.Issue Stock Certificates.
The IRS treats the royalty income like any other income from employment or a business. You'd be responsible for paying tax on it based on your tax bracket. If you are single and only claim the standard tax deduction, your tax rate would be 22%.
Declaration of Consideration of Value (This is the monetary amount for which the property is sold. If the property is being transferred without monetary value, it must state in the declaration paragraph 'why' it is exempt from transfer tax.)
Corporations are required to allocate certain types of nonbusiness income to West Virginia and apportion their remaining income. The Corporation Net Income Tax rate is six and one-half percent (. 065). Any corporation exempt from federal income tax is also exempt from West Virginia Corporation Net Income Tax.
Mineral rights give ownership, for a specified time, of the underground minerals that do not include sand, limestone, gravel, or subsurface water. If the mineral rights to your property have been sold before you acquired the land, that means you own only the surface rights and cannot use the minerals.
What Are Mineral Rights in West Virginia? Mineral rights are the ownership claims for natural resources located beneath a plot of land. Our state of West Virginia is known for being rich in natural resources, and as a result, there are many individuals who own land and minerals.