Staying Compliant in Virginia: Corporate, LLC, and Business Tangible Personal Property

Operating a business in Virginia, whether as a corporation or an LLC, involves more than just registering with the State Corporation Commission (SCC). To maintain good standing, businesses must complete their annual filings, meet tax requirements, and submit local property declarations. A commonly overlooked obligation is the Business Tangible Personal Property (BTPP) tax, which is applied locally.

Learn how the Voyage Tax Consulting team can help your business achieve full compliance with Virginia's regulations:

Corporate & LLC Compliance Checklist

1. Annual Report & Fees

2. Maintain a Registered Agent

3. Local Business Licenses and Permits

4. State and Federal Tax Filings

• Register with the Virginia Department of Taxation for:

  • Sales and Use Tax

  • Employer Withholding Tax & Unemployment Insurance.

  • Corporate or Pass-Through Income Tax

5. Corporate Governance (Internal Compliance)

• Corporations must maintain bylaws and keep minutes of shareholder and board meetings.

• LLCs should have a written operating agreement (not required to be filed with the state).

• Keep records of member and shareholder changes and issue updated ownership documentation as needed.

6. Other Ongoing Obligations

• Renew all business insurance policies, including general liability and (if applicable) workers’ compensation or directors & officers (D&O) insurance.

• File amendments for any significant changes, such as changes to the business name, address, or ownership.

• Renew the trade name/DBA every 5 years if registered.

Best Practices

• Keep a fixed asset schedule and update it annually.

• Maintain purchase receipts and depreciation records.

• Report leased equipment, even if the lessor pays the tax.

• File on time to avoid late fees and estimated assessments.

Business Tangible Personal Property (BTPP) Tax

Beyond state compliance, all businesses in Virginia must comply with local taxation on business-use property. This is one of the most commonly missed compliance items.

What Is Business Tangible Personal Property?

Taxable items include:

• Office furniture and fixtures

• Computers

• Machinery and tools

• Business equipment

• Leased items used in operations

Note: Inventory held for sale and intangible assets (like trademarks or goodwill) are not taxed.

Filing BTPP: Local Requirement

Each city or county in Virginia requires businesses to:

• File an annual BTPP return listing all tangible assets

• Include the original cost and the year of purchase

• Report both owned and leased property

• Pay BTPP tax based on assessed (depreciated) value

  
  

Common BTPP Local Filing Deadlines

Locality	Return Due	Filing Notes
Fairfax County	May 1	Online or PDF
Arlington County	May 1	Leased items are reported separately
Alexandria City	May 1	Separate lines for IT assets
Loudoun County	March 1	Online filing available
Prince William	April 15	File with cost basis