Frequently Asked Questions

Who is responsible for managing an LLC?

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.