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West Virginia
Corporate Name Endings
- The name must
contain the word "Company," "Corporation," "Incorporated," "Limited,"
or an thereof. The name must not be the same as or deceptively similar
to a name already in use by another existing corporation or foreign
corporation qualified to do business in West Virginia, without written
consent of the other corporation, or by a court order establishing the
right of the applicant to use the name. The name must not imply a purpose
other than that stated in the articles of incorporation. The words "Engineer"
or "Engineering" cannot be used unless the corporate purpose is professional
engineering, and one or more of the incorporators is a registered professional
engineer.
Corporation Requirements
- Director Information
- Minimum Number - One or more.
- Residence Requirements - No provision.
- Age Requirements - None.
- Directors are
required to be listed in the articles of incorporation.
- Officer Information
- Officers are
not required to be listed in the articles of incorporation.
- Stock Information
- An increase
in shares may cause an increase in the initial filing fees.
- Corporate Records
- The stock transfer
ledger must be kept at the principal corporate office.
Taxes and Fees
- Annual Statements
- A business
registration certificate must be filed every two years. The filing
fee is $30.
- Income Tax Rate
- The tax rate is 9.0% of taxable income.
- Corporate Franchise Tax
- The Corporate
License Tax is due based upon capital stock. The franchise tax rate
is the greater of: (a) $50 or (b) .7% of the value of the corporation's
capital for domestic corporations.
- No par stock
is valued at $25 per share unless it was originally issued for a greater
consideration.
- The Corporate
License Tax for foreign corporations ranges from $250 to $4,375 based
upon capital stock values.
- S Corporation
- S Corporation
status is recognized by the State of West Virginia provided the
S Corporation files an Informational Return. A separate state election
from the federal election is not required; however, S Corporations
are subject to the business franchise tax.
- License Requirements
- West Virginia
requires most businesses to obtain a license and pay a fee if operating
in the state. Please check with the state to make sure your business
is complying with the license requirements for your particular profession.
For more information on taxes, visit
http://www.state.wv.us/taxrev.
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