The limited liability company
The llc form of business organization
Allows flexible management structure
The owners llc
Are called members
An llc may be organized
By one or more persons
A limited liability company
Is an unincorporated business entity that combines most favorable aspects of general partnerships limited partnerships amd corporations
The name must contains words
Llc
Llc are creatures
Of state statues and therefore certain formalities must be taken and statutory requirements
In a manager managed llc
The members designate a manager or managers to manage tllc and by doing so they delegate their management right to manager or managers and members no longer have the right to manage the llc
In a member managed llc
The members have the right to manage the llc
An llc will be considered member management
Unless it is designated as a manager managed llc in its articles of organization
Existence of the llc
When the articles of organization are filed
