A Virginia LLC operating agreement develops a contractual outline to assist as a guide for running a limited liability company. The document designates particulars related to financial disbursements, decision-making processes, and designated ways to handle disputes.
No, but it is recommended. Electing to complete and use the form can provide a higher degree of liability shelter as well as map out defined procedural conduct for the LLC moving forward.
Multi-Member LLC Operating Agreement – Appoints consigned regulation to effectively set parameters regarding business operations for an LLC managed by two or more people.
Single-Member LLC Operating Agreement – Distributes a concrete set of rules and understandings for a limited liability company with one owner to adhere to.
