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Virginia Law Update

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by Geary H. Rogers, Oct 5, 2010

The Virginia General Assembly this year adopted the following noteworthy changes to certain statutes affecting businesses and individuals. For the most part, these changes to the Virginia Code took effect on July 1st of this year.

VIRGINIA LLCs - WHY YOU NEED AN OPERATING AGREEMENT

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by Lauren Mooney, 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.

VIRGINIA ACTS OF ASSEMBLY - 2011 SESSION

Mar 26, 2011