Incorporating in West Virginia

Corporate Name Endings

* The name must not be same as or deceptively similar to name already in use by another existing corporation of, or foreign corporation qualified to do business in West Virginia, without written consent of the other corporation or court order establishing right of applicant to use name. The name must not imply purpose other than that stated in articles of incorporation. The name must contain one of the following words: “company”, “corporation”, “incorporated”, or “limited” or an abbreviation of one of such words. Words “engineer”, “engineering” cannot be used unless corporate purpose is professional engineering and one or more of incorporators is registered professional engineer.

Articles of Incorporation 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

  • The officers are not required to be listed in the articles of incorporation.

Stock Information

  • An increase in the shares may cause an increase in the initial filing fee.

Yearly Requirements

Annual Statements

  • The rate of tax is the greater of: (1) $50 or (2) seventy-five one-hundredths of one percent of the value of the corporation’s capital.

Income Tax Rate

    • 9.0% of taxable income. Also an annual tax is due based upon capital stock. For domestic corporations, the rates are as follows.
    • Capital Stock Tax
      $5,000 or less $20
      $5,000 to $10,000 $30
      $10,000 to 25,000 $40
      $25,000 to 50,000 $50
      $50,000 to $75,000 $80
      $75,000 to $100,000 $100
      $100,000 to $125,000 $110
      $125,000 to $150,000 $120
      $150,000 t0 $175,000 $140
      $175,000 to $200,000 $150
      $200,000 to $1,000,000 $180 plus $0.20 per $1,000 or fraction thereof over $200,000
      $1,000,000 to 15,000,000 $340 plus $0.15 per $1,000 or fraction thereof over $1,000,000
      $15,000,000 and over $2500
    • No par stock is valued at $25 per share unless it was originally issued for a greater consideration [W.V.C. S:11-12C-2].

For more information on taxes, visit www.state.wv.us/taxrev

John Gordon admin

 

C-Corporation

  • Shareholders have limited liability protection
  • May be listed and traded as a publiccorporation on the stock market or “over the counter”
  • Has a separate and independent tax status from its owners

S Corporation

  • Profits are not subject to “double taxation”
  • Corporate losses may be “passed through” to share holders
  • Shareholders are afforded the same protection as C Corp.

LLC formation

  • Contains characteristics of both corporation and partnership
  • Shareholders may take advantage of “Pass-Through” taxation
  • Limited liability for share holders

Not for profit corp

  • Eligible for tax-exempt status
  • Limited Liability protection
  • Qualify for public and private gains