Virginia § 13.1-1024.1 - General standards of conduct for a manager
Full text of Virginia Code of Virginia § 13.1-1024.1 — General standards of conduct for a manager, with citation guidance and answers to common questions.
§ 13.1-1024.1. General standards of conduct for a manager
A. A manager shall discharge his or its duties as a manager in accordance with the manager's good faith business judgment of the best interests of the limited liability company.
B. Unless a manager has knowledge or information concerning the matter in question that makes reliance unwarranted, a manager is entitled to rely on information, opinions, reports or statements, including financial statements and other financial data, if prepared or presented by:
1. One or more managers or employees of the limited liability company whom the manager believes, in good faith, to be reliable and competent in the matters presented;
2. Legal counsel, public accountants, or other persons as to matters the manager believes, in good faith, are within the person's professional or expert competence; or
3. A committee of the managers of which the manager is not a member if the manager believes, in good faith, that the committee merits confidence.
C. A person alleging a violation of this section has the burden of proving the violation.
D. For the purposes of this section only, the term "manager" shall be deemed to include any member that is participating in the management of the limited liability company.
1992, c. 574.
Source: official Virginia text · Last verified 2026-08-27
Frequently Asked Questions About Virginia § 13.1-1024.1
What does Code of Virginia § 13.1-1024.1 cover?
Section 13.1-1024.1 ("General standards of conduct for a manager") is part of the Code of Virginia, the codified statutory law of Virginia. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Virginia § 13.1-1024.1?
A common citation format is "Code of Virginia § 13.1-1024.1" (Virginia). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Virginia law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Virginia official source linked on this page or consult a licensed Virginia attorney.
How does Virginia § 13.1-1024.1 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Virginia can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Virginia.