A Virginia multi-member LLC operating agreement is a written form containing the rules and regulations of a limited liability company consisting of at least two (2) members. This document is a crucial governing instrument that will define how the company is run, what rights and obligations the members have, and what happens in the event of a member’s death or the dissolution of the entity.

While it is not a requirement that LLCs create an operating agreement, the members will find that there are a number of benefits to drafting this document. One of the most obvious is that the operating agreement solidifies the members’ limited liability status; a court of law will see that the business entity’s assets are completely separate from the assets of each member.