Virginia Disclaimer of All Rights Under Operating Agreement by Successor to Party to Agreement

State:
Multi-State
Control #:
US-OG-596
Format:
Word; 
Rich Text
Instant download

Description

This is a form of Disclaimer of All Rights Under an Operating Agreement (by Successor to a Party to the Agreement).

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FAQ

Management of limited liability company. A. Except to the extent that the articles of organization or an operating agreement provides in writing for management of a limited liability company by a manager or managers, management of a limited liability company shall be vested in its members.

Jurisdiction of formation means the jurisdiction whose law includes the organic law of an entity.

"Limited liability company" or "domestic limited liability company" means an entity that is an unincorporated organization organized and existing under this chapter, or that has become a domestic limited liability company of the Commonwealth pursuant to § 13.1-1010.3 as it existed prior to its repeal, even though also ...

A person may disclaim in whole or in part, any interest in or power over property, including a power of appointment. A person may disclaim the interest or power even if its creator imposed a spendthrift provision or similar restriction on transfer or a restriction or limitation on the right to disclaim.

Virginia does not require an operating agreement in order to form an LLC, but executing one is highly advisable.

Management of limited liability company. A. Except to the extent that the articles of organization or an operating agreement provides in writing for management of a limited liability company by a manager or managers, management of a limited liability company shall be vested in its members.

§ 64.2-2600. "Disclaimer" means the refusal to accept an interest in or power over property. "Fiduciary" means a personal representative, trustee, agent acting under a power of attorney, or other person authorized to act as a fiduciary with respect to the property of another person.

Assignment of interest. A. Unless otherwise provided in the articles of organization or an operating agreement, a membership interest in a limited liability company is assignable in whole or in part.

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Virginia Disclaimer of All Rights Under Operating Agreement by Successor to Party to Agreement