It happens more frequently than you think–the Virginia State Corporation Commission terminates the existence of an LLC for failure to pay its $50 annual fee. In theory, having the existence of your LLC terminated, if not corrected in a timely fashion, could have serious legal consequences. The termination could constitute an event of default under important contracts to which the LLC was a party. With no LLC, a business owner is suddenly exposed to personal liability risk for debts and obligations of the business. As a practical matter, though, there is no reason to panic. Being a very business-friendly state, Virginia law provides a quick and easy process for a terminated LLC to get reinstated by submitting a written reinstatement request and payment of a nominal reinstatement fee. The reinstatement will be dated retroactive to the date the LLC’s existence was terminated, so it will be as if nothing ever happened, a true “no harm, no foul” approach. If you discover your LLC has been terminated by the SCC, contact us help get your LLC reinstated in a flash, and while you’re at it, consider having Eric Perkins serve as registered agent for your Virginia LLC to reduce this risk of arising again in the future.
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