A Virginia multi-member LLC operating agreement helps two or more business partners establish firm control over their company’s operations, member’s responsibilities, and dispute resolution methods. Even though state law doesn’t require this document, it’s instrumental in separating the boundaries between the members’ personal finances and the company’s liabilities.
By clearly outlining the governance structure and procedures for handling the departure or death of members, the operating agreement serves as the cornerstone of internal management. Not only does the agreement reinforce the legitimacy and autonomy of the LLC in the eyes of the judiciary, but it also ensures members enjoy the intended benefits of their limited liability status.
