How to setup

  • Establish an LLC on line from VA State Corporation Commission (SCC), similarly in other state.
  • Apply EIN online.
  • Use Form 8832 to be treated as a corporation, otherwise default to self-employment for single member and partnership for multiple members.
  • Use Form 2553 to be treated as an S Corporation.

Reporting requirements

  • US: Quarterly Form 941 and payments on 4/30, 7/31, 10/31, and 01/31.
  • VA: Tax Withholding (VA-5) file and pay quarterly, monthly, or seasonal filing depending on tax withheld.
  • VA: Employment Commission (EC) Employer’s Quarterly Tax Report (FC-20).
  • VA: Employment Commission (EC) Employer’s Quarterly Payroll Report (FC-21).
  • US: Form 940 (Employer’s Annual Federal Unemployment (FUTA) Tax Return).
  • VA: VA-6 (Employer’s Annual or Final Summary of Virginia Income Tax Withheld).
  • US: Form W2 for employees.
  • US: Form 1099 for non-employee if any.
  • US: 401K if any.
  • US: Form 1120S (S-Corporation).
  • VA: Form 502 (Pass-Through Entity).