A Virginia single-member LLC operating agreement is a legal document that establishes the ownership, operating procedures, and policies of a single-member business. It enumerates the rights and responsibilities of the owner in relation to the company and can help protect any personal assets in the event of company bankruptcy or litigation. Although the state of Virginia does not require LLCs to implement an operating agreement, it can offer limited personal exposure to liabilities and increase the company’s credibility in the eyes of banks and investors. It is recommended that the owner sign the document with notary acknowledgment.