A Virginia single-member LLC operating agreement establishes the financial and operational guidelines for a limited liability company that has a single owner. The owner writes it to detail provisions that are specific to the business, including its purpose, capital contributions, and management styles.
Please note that while the state doesn’t require LLC owners to write this agreement, it’s still advisable to do so. This document protects the individual if business debts or legal disputes arise, as it clearly separates the owner’s financial situation from that of the business.
Statute: Code of VA § 13.1-1010.