Create your Operating Agreement
Built for Virginia
Different states have different rules and regulations. Your LLC Operating Agreement will be customized for Virginia.
Frequently Asked QuestionsWhat is a Limited Liability Company (LLC)?A limited liability company (LLC) is a business entity that enjoys the attractive features of both a partnership and a corporation:
How is an LLC created?A limited liability company must be registered in the state where the company will operate. This is accomplished by preparing and filing a document called the Articles of Organization. The Articles of Organization must conform with the reporting requirements of your state. All states have a blank copy of the Articles of Organization available for download on the state website.How do I file my Operating Agreement?You do not need to file your LLC Operating Agreement. The Operating Agreement is simply an agreement between the owners (members) of the LLC. To register an LLC you must prepare and file a document called the Articles of Organization. All states have a blank copy of the Articles of Organization available for download on the state website.Why is Governing Law important?Laws affecting LLC's are different between states. Select the state in which your LLC will primarily do business. You will be asked questions specific to your state. The final document will be specific to your state. In addition, the laws of the state you select will be used to enforce this agreement and will be used to help resolve any disputes.
- An LLC is similar to a corporation in that the liability exposure of individual members is limited to what each member has invested in the business.
- Like a partnership, an LLC can be taxed only at one level. Income passes through and is only taxed against individual members as personal income. In contrast, a corporation is taxed first on profits at the corporate level and then as personal income tax on dividends at the shareholder level.