Overview Of The Virginia LLC Operating Agreement
A document that you should consider filling out if you ever create an LLC is called the Operating Agreement. Although this document, in most states, is not mandatory at all, it can help you in many different ways. It does provide a basic overview of how your limited liability company operates, in the members and managers that are there. Additionally, it can be used in court cases for specific purposes that can be helpful if you are ever in these situations. Here is an overview of how to complete, as well as how to use, a Virginia LLC Operating Agreement.
What Does The Operating Agreement Consist Of?
In the state of Virginia, you are able to create a document called an operating agreement. This is purely an internal document that you can say that your office. It is going to present the members and managers that are part of your LLC in writing. It will also state what their responsibilities are supposed to be, as well as the rights that they have, as being part of your limited liability company. In addition to this, it provides you with a way to define your LLC, clearly showing that it is a separate entity from your business and yourself. When you are facing litigation, specifically in the form of a civil lawsuit, it is a great way to define the separation between you and your limited liability company.
How To Fill This Out
If you want to fill one out, specifically for the state of Virginia, you can see an operating agreement example online. You can simply search for examples of them, and mimicked the way they are structured if you would prefer creating one that will cater to the information you want to present and describe.
How Does This Relate To Creating An LLC?
Creating an LLC does not directly involve the creation of the Operating Agreement. It is a secondary document, one used for the purposes that were mentioned. To create an LLC, you will have to fill out what is called the articles of organization. In Virginia, this is Form LLC-1011. You can obtain this by visiting the main Virginia State Corporations Commission website. Once you have filled it out, you can submit it on the New Entity Formation webpage. This can also be sent in by mail. The cost of doing so is $100 which is for the filing fee. It will take several days, if not weeks, for this to be completed.
What Must You Do Prior To Filling Out This Document?
To fill out this document, you are going to provide pieces of information. It’s actually one of the smallest in all of the states in regard to required information. First of all, the LLC name needs to be displayed at the top. You must also have retained a registered agent. If you don’t have one, you must set up an initial principal office that will have a physical address. Finally, there are signatures that will be at the bottom of the document, specifically from the organizers of the LLC. That is why you must first register your LLC name, obtain your registered agent, and make sure that you have a place of business with the physical address.
How To Register Your LLC Name In Virginia
The name that you choose can literally be anything. It is just advantageous if it is the same name as your business. It should be very different from any of the other names that you will see in the Virginia business name database. Once you have determined that it is not taken, you can fill out Form SCC631. Once you have filled this out, you will then submit it with a $10 filing fee. This should be sent to the Commonwealth of Virginia State Corporation Commission. They will handle the registration. Once that is done, you will then need to find a registered agent.
How To Locate A Registration Virginia
You have a multitude of different options when it comes to appointing someone to be your registered agent. In most cases, it simply a resident, or a company, that is specifically in Virginia. On the other hand, you may be working with a director of a corporation, manager of another LLC, or a trustee. As long as they have the legal right to do business in Virginia, and they have a physical address where mail can be received, you can use any of these options to receive legal mail from the state of Virginia. Keep in mind that this mail will pertain to legal matters, perhaps lawsuits that people have filed against you that you need to address. After this is done, make sure that you do have a physical place of business that will represent the LLC that you are forming. All of these things, including the LLC name, must be done beforehand, allowing you to complete the Articles of Organization within a matter of minutes.
Why The Operating Agreement Should Be Completed
The operating agreement is something that you must create. It is useful for defining your LLC as a separate entity. It also makes sure that any court will recognize that you and your business are separate from it. Therefore, make sure that you do this as you are completing your request for a limited liability company in Virginia.
The Operating Agreement does play a vital role in the security of the LLC that you are setting up. You need to know that you have every option for protecting your assets, and that’s exactly what a limited liability company does. By filling out the Articles of Organization, and submitting this to the Virginia State Corporations Commission, you will be on your way to having this legal type of protection. It simply an excellent document to have handy, if only for reference, as you are creating your limited liability company in Virginia.