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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