Virginia LLC Operating Agreement
Your Virginia LLC operating agreement is a legal document that establishes rules for how your LLC will handle procedures like voting, allocating profits and losses, management, and even—should it ever come to this—dissolution.
An operating agreement is an internal document, but that doesn’t make it any less important than documents filed with the state. In fact, adopting a strong operating agreement is essential. That’s why we at Northwest offer a range of free, attorney-drafted operating agreement templates, just for Virginia LLCs, to help suit your business needs.
Is an operating agreement required in Virginia?
No. VA Code § 13.1-1023 (2019) covers the ground rules for Virginia operating agreements and states that members may adopt an operating agreement. However, you’ll need an operating agreement for important tasks like opening a bank account and maintaining limited liability.
Do I have to file my operating agreement in Virginia?
No. Your operating agreement is an internal document, which means you’ll keep it on file with your own LLC documents.
Does a single-member LLC need an operating agreement?
Actually, yes. While it may seem weird to consider adopting an agreement with yourself, having an operating agreement on hand is essential, even for a single-member LLC. You’ll need an operating agreement to open a bank account and—perhaps most importantly—maintain limited liability.
*This is informational commentary, not advice. This information is intended strictly for informational purposes and does not constitute legal advice or a substitute for legal counsel. This information is not intended to create, nor does your receipt, viewing, or use of it constitute, an attorney-client relationship. More information is available in our Terms of Service.