Introduction to Operating Agreements in Virginia

Limited liability companies have grown in popularity because of their flexibility and lack of corporate formalities. This makes their governing documents, most importantly its operating agreement, all the more important. This course, presented by Pantea Stevenson, a Shareholder at Bean, Kinney & Korman, will discuss key issues to consider when drafting and reviewing operating agreements, and review the default laws under Virginia’s Limited Liability Act. The program will cover articles of organization, member versus manager considerations, capitalization, capital contributions, capital calls, and capital accounts, profit and loss allocation, buyout options, restrictive provisions, allocations and distributions, and fiduciary duties.

Learning Objectives:

1. Identify the type of operating agreement that will best meet your client’s needs
2. Discuss default laws under Virginia’s LLC Act
3. Consider common provisions in operating agreements and when to apply them
4. Review practical drafting techniques