LLC Operating Agreements and Partnerships Partnership Agreements in Virginia
These agreements are the most important internal documents a company can have. Because Virginia does not require that businesses file them, many business owners don't bother preparing them. However, this could be extremely and unnecessarily costly.
These documents answer, in advance, the question “what happens if . . . ”
What happens if a partner dies?
What happens if a partner no longer wants to be a partner?
What happens if an LLC member wants to sell his or her ownership interest to a friend?
What happens if the members cannot agree on a buy-out price?
What happens if some of the LLC members vote to contribute more money into a fledgling business? Do all members have to contribute? What happens if they do not?
The possible “what if” questions are endless. While there are general areas of concern that are common to all LLCs and partnerships, there are issues that are specific or unique to your situation. Trying to anticipate as many of these issues as possible is one of the most important things you can do to ensure the success of your business.
Corporations should have bylaws, which are internal documents that prescribe corporate rules, such as how often a corporation must hold regular meetings. Virginia does not require that businesses file bylaws with the SCC. However, it is essential that all corporations have bylaws.
Regardless of whether you own an LLC, a partnership, or a corporation, we can work together to draft agreements and bylaws that contain provisions that are of particular importance to you.