The Operating Agreement of an LLC should specify who holds management responsibilities. One approach is to have the members of the LLC also be responsible for managing the company – an arrangement referred to as a “member-managed LLC”. Another approach is to establish one or more managers who will have the responsibility for managing the company – an arrangement referred to as a “manager-managed LLC”. For a manager-managed LLC, typically some key decisions (such as when to dissolve the company) remain reserved to the members in the Operating Agreement.