- Chairperson
- President
- Secretary
- Treasurer
- Guidelines for Title Selection
- Altering LLC Owner Titles
A multi-member LLC is an organization with two or more members. LLCs are organized under state rules. The Limited Liability Company (LLC) business structure offers liability protection to its members while allowing members flexibility in how they run their business. LLCs give small business owners a legal way to determine how they run their businesses regarding operational structure, member roles, and member titles.
You aren’t required to call yourself president or CEO. But you do need an appropriate title for business and organizational purposes. Here are some guidelines to help you choose a suitable title for you and your business: You can call yourself a CEO, President, Treasurer, Secretary, Vice President, or any other appropriate name.
All owners of a limited liability company are called members. LLCs are governed by operating agreements controlled by the laws of the state in which the LLC was formed. With a single-member LLC, the sole member can call herself president, CEO or another title she prefers. An LLC manager is chosen by LLC members to manage the LLC’s day-to-day operation. Owners of an LLC are commonly referred to as members. If a manager is hired to run the LLC, that person is often called a member-manager. While less common, corporate titles can be assigned to members, such as President, Founder, Chief Financial Officer (CFO), or Chief Executive Officer (CEO).
In addition to “president” and “CEO,” common titles used by LLC chief executives are “principal,” “founder,” “consultant” and “owner.” Along with being correct and true, these titles accurately represent your position in the company.
Limited liability companies (LLCs) are designed to be flexible in their ownership, taxation, and management. If you’re the head of an LLC, you’ll find that there are also several options for the title you give yourself. An LLC is often an appropriate choice for small businesses because it offers reasonable liability protection with a minimal amount of paperwork and regulatory burden.
The official title of limited liability company owners can be altered to reflect the specific role that characterizes the position. Sole Proprietor: The IRS considers the owner of a one-member LLC as a sole proprietor. Despite protection of their personal assets against the debts of the company, a single-member LLC owner must be responsible for all functions of the LLC.
Owners of an LLC are commonly referred to as members. Official Names for LLC Owners and Managers. If you own all or part of an LLC, you are known as a “member.” LLCs can have one member or many members. In some LLCs, the business is operated, or “managed” by its members.
For income tax purposes, an LLC with only one member is treated as an entity disregarded as separate from its owner unless it files Form 8832 and affirmatively elects to be treated as a corporation.