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Friday, July 16, 2021

What Happens to My LLC Interests When I Pass?

Many people create a Limited Liability Company, LLC, for a variety of business purposes. Perhaps it is to manage and invest in real estate. Others may be forming an LLC to run a business. Although easy to form on most state corporation websites, many people often fail to create the necessary operating agreements determining how the business is managed among its members and what happens when a member passes. Absent an agreement among its members, Virginia, like many states, only grants the estate of a deceased member a passive income right - no control, no say so in management. Many family members are often left shocked and disadvantaged as to their rights. Proper legal documents can be drafted to create an orderly business succession plan making known what will happen when a member dies - protecting a member’s family from being left from the outside looking in.

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| Phone: 757.301.9500
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© JS Burton, P.L.C. | Disclaimer | Law Firm Website Design by Zola Creative
477 Viking Drive, Suite 410 , Virginia Beach, VA 23452 | Phone: 757.301.9500
5425 Discovery Park Blvd., Suite 101, Williamsburg, VA 23188 | Phone: 757.301.9500
750 Tysons Blvd., Suite 1500, McLean, VA 22102 (By Appointment Only) | Phone: 757.301.9500