This Operating Agreement is for a Limited Liability Company with only one Member. This form may be perfect for an LLC started by one person. You make changes to fit your needs and add description of your business. Approximately 10 pages. It allows for eventual adding of new Members to LLC.
West Virginia Single Member Limited Liability Company LLC Operating Agreement
State:
West Virginia
Control #:
WV-00LLC-2
Format:
Word;
Rich Text
Instant download
Description
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How to fill out West Virginia Single Member Limited Liability Company LLC Operating Agreement?
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FAQ
According to the IRS, a single-member limited liability company is a "disregarded entity", meaning there is no separation between the business and its owner. By default, the IRS taxes it the same as a sole proprietorship.An LLC is a legal entity that is separate from the owner in the eyes of the law.
The filing fee to form an LLC in Virginia is $100. Filings can take 3 to 12 days to process. Expedited service is available for an additional fee. incorporate.com will handle all filing requirements and provide you with the total cost to get your business up and running in Virginia.
A single-member LLC is easier for tax purposes because no federal tax return is required, unless the business decides to be treated as a corporation for tax purposes. The income is reported on the member's tax return. A multiple member LLC must file tax return, and give the members K-1 forms to file with their returns.
Single-member LLCs are attractive because they can shield owners from the liabilities associated with the business. However, the limited liability protection isn't as robust as it is for traditional LLCs (those with multiple members). A court may overturn any business owner's liability protection.