Free Virginia LLC Operating Agreement Templates

A Virginia LLC Operating Agreement refers to a formal document of the LLC negotiated, approved, and signed by its members to clarify the short- and long-term aspirations of the business, explain how it will function, and set forth the regulations for all the owners and managers to follow. You are not under an obligation to prepare an LLC Operating Agreement if your company conducts business in the state; however, it is strongly advised to think about writing one - you will not have to adhere to generic laws that dictate the activities of LLCs in your area and your business partners, investors, and clients will have an opportunity to learn more about your organization prior to signing a contract with you.

Virginia LLC Operating Agreement Template Types

• A Virginia Single-Member LLC Operating Agreement Template is going to be valuable for entities with only one member in charge - while you are the only person responsible for the decision-making process, you still can use this instrument to protect your special tax status and confirm the organizational structure of your business;
• Virginia Multi-Member LLC Operating Agreement Template. It will be useful to consider and later implement various measures the owners of the company will follow in case they disagree on a certain matter - the manual that reminds the members about the hierarchy will allow you to resolve issues quicker and minimize financial losses.

How to Form an LLC in Virginia?

Follow these instructions if you have decided to open an LLC in Virginia:

1. Choose a person or entity to receive legal correspondence in the name of your company. It can be one of the owners or managers residing in the state or a local organization with permission to conduct business operations.
2. Submit the application to register the company to the Corporation Commission of Virginia. There are two ways to do it - there are two different documents for domestic and foreign entities, so make sure you select the correct one. Do not forget to attach a check to pay the filing fee if you send the papers by mail or pay online in case you provide all the information in an electronic form.
3. Fill out a Virginia LLC Operating Agreement Template. The members are supposed to meet and determine what provisions to put in the document - usually, it certifies the name and location of the company, lists the products you are going to sell and services you plan to render, elaborates on the goals of the business for the upcoming months and the distant future, records the names of the owners and managers and their roles, clarifies the terms of revenue distribution and stock allocation, and describes the steps to take when you need to update internal documentation, invite a new member, or formalize the departure of an old one. There is no need to file the agreement anywhere - simply keep it in the records of the company.
4. Reach out to the Internal Revenue Service to obtain an employer identification number - you will require it to employ individuals, get a loan from the bank, and increase your credibility in general. You can do it on their website or by sending a printed-out application.

Haven't found the template you're looking for? Take a look at the related forms below:

• LLC Forms;
• Partnership Forms;
• Corporation Forms.