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Limited Liability Companies: What happens to an LLC when a Member dies?

September 3, 2013 on 9:26 am | In Business Planning, John Tarley, Merger & Acquisition, Weekly Tweets | No Comments

This case has been overturned by statute. Check out this blog post for the details.

We have written about the importance of operating agreements to help succession planning for your limited liability company (“LLC”). Operating agreements can help the company with procedures to remove a member, or with procedures to permit a member to leave the LLC on his own accord. This blog post reviews a recent Virginia Supreme Court case that shows the importance, and limitations of your LLC operating agreement to set forth succession planning of a member’s interest when that member dies.

Williamsburg Virginia Business Lawyers

LLC Agreements

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