Virginia Limited Liability Company Act Form
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People also ask
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What are the benefits of a Virginia LLC?
What are the benefits of an LLC in Virginia? Limited Liability Protection. With limited liability protection, LLC members' personal assets are shielded from the LLC's debts and lawsuits. ... Pass-Through Taxation. Unlike a corporation, an LLC offers the option of pass-through taxation. ... Convenience.
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What is the 13.1 1022 of the Virginia Limited Liability Company Act?
Management of limited liability company. A. Except to the extent that the articles of organization or an operating agreement provides in writing for management of a limited liability company by a manager or managers, management of a limited liability company shall be vested in its members.
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What is the difference between LLC and LC in Virginia?
A limited liability company name shall contain the words "limited company" or "limited liability company" or their abbreviations "L.C.," "LC," "L.L.C.," or "LLC." 2. Any word or phrase the use of which is prohibited by law for such company.
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What is the Virginia Limited Liability Company Act?
A Virginia LLC is a business organization that has been formed under the Virginia Limited Liability Company Act (the “LLC Act”). An LLC comes into existence when “Articles of Organization” are filed with the State Corporation Commission (“SCC”) along with the required filing fee in the amount of $100.
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What is the difference between LLC and LC in Virginia?
A limited liability company name shall contain the words "limited company" or "limited liability company" or their abbreviations "L.C.," "LC," "L.L.C.," or "LLC." 2. Any word or phrase the use of which is prohibited by law for such company.
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Is an LLC operating agreement required in Virginia?
Is an LLC Operating Agreement required in the state of Virginia? The state of Virginia does not require an LLC Operating Agreement, but it may still be recommended for many LLCs.
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What is the 13.1 1022 of the Virginia Limited Liability Company Act?
Management of limited liability company. A. Except to the extent that the articles of organization or an operating agreement provides in writing for management of a limited liability company by a manager or managers, management of a limited liability company shall be vested in its members.
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What is the PLLC Act in Virginia?
It is the legislative intent to provide for the association of a group of individuals and professional corporations, professional limited liability companies, or other business entities formed to provide professional services as a limited liability company to render the same professional service to the public for which ...
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