Scope of "Person" in Limited Liability Company (LLC)
- Governing Person and Political Subdivisions
- Authorized Representative in an LLC
Understanding "Governor" in Various Contexts
- Definition and Responsibilities of a Governor
- Who Governs an LLC?
Role and Structure Within an LLC
- LLC Governance and Officer Titles
- LLC Governors are people who manage the LLC on behalf of its members. The members typically appoint governors, and the members can remove them at any time.
- It is not necessary for the members to manage the LLC, but the approval of members is needed in certain situations such as an amendment to the LLC’s articles of organization, selling of the company’s assets, or dissolution, and so on.
- While an officer of the company or an employee may also be a member, not all officers or employees are members. In order to be a member, the officer or employee must hold an ownership interest in the LLC.
- Generally speaking, unless the LLC is a manager-managed LLC or unless otherwise stated in the LLC operating agreement, all members of an LLC play an active role in the management of the company and have the authority to bind the company contractually.
- The ownership of an LLC lies with its Members, who share the ownership interest in the company.
If you need further assistance or clarification on these matters, feel free to ask.