Operating Agreement For Llc In Virginia
Description
How to fill out Virginia Limited Liability Company LLC Operating Agreement?
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FAQ
LLC operating agreements usually provide much more information, and almost all the provisions for how the business will be managed, and the rights, duties, and liabilities of members and managers are contained in the operating agreement. An operating agreement is a private document.
No, your Operating Agreement doesn't need to be notarized. Each Member just needs to sign it. Once you (and the other LLC Members, if applicable) sign the Operating Agreement, then it becomes a legal document.
An operating agreement may contain any provisions regarding the affairs of a limited liability company and the conduct of its business to the extent that such provisions are not inconsistent with the laws of the Commonwealth or the articles of organization.
An operating agreement should include the following: Percentage of members' ownership. Meeting provisions and voting rights. Powers and duties of members and management. Distribution of profits and losses. Tax treatment preference. A liability statement. Management structure. Operating procedures.
To get you started, here is a Top 10 list underscoring the major provisions that an LLC operating agreement should have. Member Financial Interest. ... Corporate Governance. ... Corporate Officer's Power and Compensation. ... Non-Compete. ... Books and Records Audit. ... Arbitration/Forum Selection.