Code of Virginia § 13.1-1026. Business transactions of members or managers with the limited liability company.
57 words·~1 min read·
/va/title-13-1/chapter-12/13-1-1026·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Except as provided in the articles of organization or an operating agreement, a member or manager may lend money to and transact other business with the limited liability company and, subject to other applicable law, has the same rights and obligations with respect thereto as a person who is not a member or manager.
1991, c. 168.