Once a Virginia LLC has been created, the Virginia Secretary of State will require certain recurring responsibilities and duties. The most important of these are explained below. For further information, refer to the Virginia Secretary of State office.
Each limited liability company shall keep the following records open to inspection at its office:
- Information concerning the company’s business or affairs reasonably required for the proper exercise of the member’s rights and performance of the member’s duties under the operating agreement or law
- Other information concerning the LLC’s business or affairs, except to the extent the demand or the information demanded is unreasonable or otherwise improper under the circumstances
- A copy of the operating agreement
A LLC must deliver to the Secretary of State an annual report that lists all of the following which must be current as of the signing date:
- The name of the company and the state or country under whose law it is organized
- The address of its designated office, if any and the name and address of its agent for service of process in this state
- The address of its principal office
- The names and business addresses of any managers and the name and address of each member having authority to execute instruments for the LLC
All reports must be delivered between January 1 and July 1 of a calendar year.