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My LLC in does not have an Operating Agreement and 2 of the

My LLC in Virginia does...
My LLC in Virginia does not have an Operating Agreement and 2 of the members would like to voluntarily withdraw leaving myself and 1 other member with the LLC. Do we need an Operating agreement before they are able to do whatever is necessary withdrawal from the business? And what exactly is required from all of us for them to do so? We just filed our 2016 taxes yesterday as an LLC Partnership and split everything 4 ways.
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Answered in 1 minute by:
4/6/2017
Loren
Loren, Attorney
Category: Business Law
Satisfied Customers: 35,336
Experience: 30 years experience representing clients .
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Thank you for using JustAnswer. I am Loren, a licensed attorney for over 30 yrs, and I look forward to assisting you.

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You are not required to have an operating agreement. When there is no operating agreement the LLC Act controls.

All you need is for the withdrawing members to sign an assignment of their interest to you and the other remaining member on a pro rata basis.

There is nothing else required.

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Loren
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Category: Business Law
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Experience: 30 years experience representing clients .
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