When exporting using LR, one can choose the colorspace to be used for the export, and size and quality. This does not affect the image chosen for export. Aka the chosen image is a "master" in this context. As a side note: You can save particular export settings as a preset.
If for given reason you want to have a "derived" master, f.i. you want to modify saturation to better suit the sRGB output in JPG format, a virtual copy is a good practice.
A vc does not physically copy the originating file, it is just a database(catalog) record copy, which still points to the same physicalfile and keeps a link with the originating image (it becomes an entry in the stack of the originating image).
You can do all the LR development things with the vc, without affecting the "master". In LR a vc is just another image.
Personally i use some fields in the metadata to identify its role (master, forproof, job-id, etc) and collections to group images for a purpose, f.i. send to a friend via email.
Just as a side-note: in LR you do not work on the physical image file, but on a database record with linked previews (catalog mode) or an ACR cache (in Develop mode) of the physical image. This is a significant difference with Photoshop. In oher words, you have to think more in the logical sense when thinking about how to use LR for image development and output.