Description: Forming a Virginia LLC involves more than registering the business with the Virginia State Corporation Commission. Business owners should also consider how the company will be managed, how members will make decisions, how profits will be distributed, and what happens if a member wants to leave the company. An LLC operating agreement can address these matters. Under Virginia Code § 13.1-1023, members may enter into an operating agreement governing the affairs of the LLC, the conduct of its business, and the relationships among its members. Virginia law gives members considerable flexibility, provided the agreement is consistent with applicable law and the company’s articles of organization. So, what should a Virginia LLC operating agreement include?
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Tag: Virginia LLC Operating Agreement
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