alternate business forms

Question 1

Limited liability companies formation requirements

Answer 1

organizers file articles or organization and adopt operating agreement

Question 2

control of LLCs

Answer 2

members control but may delegate control to managers

Question 3

limited life of LLCs

Answer 3

company dissolves upon unanimous consent or as provided in articles/operating agreement

Question 4

limited liquidity of LLCs

Answer 4

full membership interest may not be transferred without consent of at least majority of members or managers

Question 5

virginia business trust

Answer 5

articles of trust filed with SCC creating trustee and beneficial owners. unincorporated perpetual business trust

owners may exercise control over direction w/o piercing

Question 6

virginia benefit corp

Answer 6

file articles which state it is benefit corp and must file annual benefit report

same liabilities as regular corp but directors may consider impact of decisions on corp’s employees, customers, communities, and environment