Ok, so I am a team. What do I need to do to be compliant?
Starting January 1, 2019, all teams will need to obtain a business entity salesperson license through DPOR, if they do not already have one. The license application is available here.
What are the steps I need to take before I can apply for a business entity salesperson license (BES license) with DPOR?
To apply for the BES license, you must first choose and form a legal business entity for your team. This is done through the Virginia State Corporation Commission.
If I have a team, does the team automatically have to file for a fictitious name certificate with the State Corporation Commission?
No, not necessarily. If the team name you are using in your day-to-day business is the same name as your registered business entity, then there is no need for a fictitious name certificate from the SCC. For example, my team is the Jon Smith Team. I go to the SCC and form a business entity. The name of my business entity is the Jon Smith Team. The names are the same, so I do not need to take the extra step with the SCC and file a fictitious name certificate. However, if my business entity name is “Jon Smith Homes in Southern Virginia, LLC” and I decide to call my team the “Jon Smith Team,” I would need to take the additional step of getting a fictitious name certificate.