13.1-1009 - Powers. - Virginia Statutes

§ 13.1-1009. Powers.

Unless the articles of organization provide otherwise, every limitedliability company has the same powers as an individual to do all thingsnecessary or convenient to carry out its business and affairs, including,without limitation, power:

1. To sue and be sued, complain and defend in its name;

2. To purchase, receive, lease or otherwise acquire, and own, hold, improve,use and otherwise deal with, real or personal property, or any legal orequitable interest in property, wherever located;

3. To sell, convey, mortgage, pledge, lease, exchange, and otherwise disposeof all or any part of its property;

4. To purchase, receive, subscribe for, or otherwise acquire, own, hold,vote, use, sell, mortgage, lend, pledge, or otherwise dispose of, and deal inand with shares or other interests in, or obligations of, any other person;

5. To make contracts and guaranties, incur liabilities, borrow money, issueits notes, bonds, and other obligations, and secure any of its obligations bymortgage or pledge of any of its property, franchises or income;

6. To lend money, invest and reinvest its funds, and receive and hold realand personal property as security for repayment;

7. To conduct its business, locate offices, and exercise the powers grantedby this chapter within or without this Commonwealth;

8. To elect and appoint managers, employees and agents of the limitedliability company, define their duties, fix their compensation, and lend themmoney and credit;

9. To pay pensions and establish pension plans, pension trusts, profitsharing plans, and benefit and incentive plans for all or any of the currentor former managers, members, employees, and agents of the limited liabilitycompany or any of its subsidiaries;

10. To make donations to the public welfare or for religious, charitable,scientific, literary or educational purposes;

11. To make payments or donations, or do any other act, not inconsistent withthis section or any other applicable law, that furthers the business andaffairs of the limited liability company;

12. To pay compensation, or to pay additional compensation to any or allmanagers, members, and employees on account of services previously renderedto the limited liability company, whether or not an agreement to pay suchcompensation was made before such services were rendered;

13. To insure for its benefit the life of any of its managers, members, oremployees, to insure the life of any member for the purpose of acquiring athis death the interest owned by such member and to continue such insuranceafter the relationship terminates;

14. To cease its activities, wind up its affairs, and proceed to cancel itsexistence;

15. To enter into partnership agreements, joint ventures, or otherassociations of any kind with any person or persons;

16. Subject to such standards and restrictions, if any, as are set forth inits articles of organization or an operating agreement, to indemnify and holdharmless any member or manager or other person from and against any and allclaims and demands whatsoever, and to pay for or reimburse any member ormanager or other person for reasonable expenses incurred by such a person whois a party to a proceeding in advance of final disposition of the proceeding;

17. To transact any lawful business that a corporation, partnership, or otherbusiness entity may conduct under the laws of the Commonwealth subject,however, to any and all laws and restrictions that govern or limit theconduct of such activity by such corporation, partnership or other businessentity; and

18. To have and exercise all powers necessary or convenient to effect any orall of the purposes for which the limited liability company is organized.

(1991, c. 168; 2004, c. 601; 2006, c. 912; 2008, c. 108.)