The VWPA (Virginia Wage Payment Act) does not apply to payroll of executives:
A. All employers operating a business or engaging an individual to perform domestic service shall establish regular pay periods and rates of pay for employees except executive personnel.
Side Note: even if it this wasn't the case, employees are the ones to report when they believe they are not getting paid at the proper frequency, so (I'm guessing) you'd have to tell on yourself in order to be flagged for it.
Disclaimer: IANAL. I approached this question with the assumption that labor laws dictating pay frequency don't make sense for owners, since you may not even have the funds available to pay yourself regularly. Obviously laws may vary by state, but it doesn't seem proper that any State could force owners of a company to take on debt just to pay themselves. I then found supporting evidence of my belief. During the search I also found a site which seemed to contradict my belief, though, I decided the Virginia state website was more trustworthy.
As an S-Corp owner in IL for many years, some years I paid myself monthly, other years I paid myself just once on Dec 31, and other years not at all. Regardless of how often you pay yourself, for S-Corps specifically, if you take distributions, you should pay yourself a reasonable salary also, for the job you are performing as owner. This means if you don't have enough funds to first cover a reasonable salary, you shouldn't be taking distributions either.
