Parkway East at County Center
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Woodbridge, Virginia 22192-8307
Phone: (703) 583-6060
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Feature Articles
- VIRGINIA LLCs - WHY YOU NEED AN OPERATING AGREEMENT
- article
- Sep 15, 2009
- Whether you are in the process of forming a Virginia limited liability company (or “LLC”) or operating your business as an LLC, you need to have an “operating agreement”, which is a written contractual document which sets forth the financial rights, obligations and duties of the members in an effort to reduce the possibility of future disputes. What you may not know however, are the possible scenarios members could face if the LLC does not have an operating agreement or if the agreement does not adequately plan for unexpected circumstances. Unfortunately, Virginia law does not require an operating agreement and many people form LLCs without a written operating agreement.
Compton & Duling LC
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