Manager Managed

July 16th, 2009 |

Author: 1203Broadway

A limited liability company (LLC) that is run by appointed or elected managers (as opposed to the owner/members). The articles of organization must specify if the company is member managed or manager-managed. The choice of management structure may have legal ramifications concerning the liability of the members and/or managers. Managers are not required by law to be members of the limited liability company.

Posted in Business Law, Terminology

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