§ 13.1-1012 of the Code of Virginia states that “a limited liability company name shall contain the words "limited company" or "limited liability company" or their abbreviations "L.C.," "LC," "L.L.C.," or "LLC." We will check with the State Corporation Commission to determine whether the same is available. Just in case it is not, please supply us with a second choice.

Virginia law requires that the articles of organization name a registered agent (RA) of the limited liability company (LLC). All communications between the SCC and the LLC are addressed to this person. Also, if the LLC is sued, this will be the person on whom the sheriff would serve papers so the address may not be a post office box. In the usual, small LLC, the Member-Manager also acts as the RA. You may want to name your attorney as registered agent but this will involve a needless annual payment to him.

The company may have as many members as you like but some of them might not be active in the conduct of the business of the company. The member-manager (there may be more than one) is the person who runs the business of the company and is authorized to sign legal and other documents on behalf of the company.

Your operating agreement will set forth the percentage each member has in the profits of the company, usually based on each member’s capital contribution. For each member of the company, please supply the “consideration”, that is, the capital contribution, services or other property given by the member in exchange for his particular percentage ownership interest in the LLC.

When you open the company accounts, your banker will give you a resolution which identifies the person or persons who will be authorized by the company to sign checks and conduct other business with the bank, usually one or more Member-Managers.This is a good time to apply for an Federal Tax Identification Number with the Internal Revenue Service by visiting irs-tax-id.com.