Virginia Limited Liability Company Definition
Virginia Limited Liability Company
DEFINITION
A Virginia limited liability company (LLC) is an unincorporated association of one or more members (the owners) who share in the profits and losses of the company’s business. It is managed in accordance with an operating agreement by one or more members (member-managed) or by one or more managers (manager-managed). A limited liability company is a separate legal entity and, generally, the members and managers are not liable for the obligations of the limited liability company. File Articles of Organization with the Virginnia State Corporation Commission. Provides the same liability as a corporation but without the corporation formalities.
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