Operating Contract (Single Member) (Virginia)

The Operating Contract (Single Member) (Virginia) is a legal template specifically designed for a single-member limited liability company (LLC) operating in the state of Virginia. This document outlines the terms and conditions governing the operations and management of the LLC. It covers various aspects such as the member's rights and responsibilities, the allocation of profits and losses, decision-making processes, capital contributions, taxation, and dissolution procedures. The contract acts as an agreement between the single member and the LLC, offering legal protection and delineating the rights and obligations of each party. It ensures clarity, transparency, and a clear framework for the management of the LLC, promoting smooth operations and minimizing potential disputes or misunderstandings.