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Export date: Fri Apr 19 6:07:17 2024 / +0000 GMT

What's an LLC manager?


The term "manager" has a specific meaning with respect to an LLC 1. The manager in an LLC is somewhat akin to the director 2 in a corporation 3. The confusing part is that it can also be akin to the CEO 4 or other officers 5 of a corporation as well. Typically, the manager, well, manages the affairs of the LLC. The manager is authorized to bind the LLC, subject to restrictions that they may be bound to by law or in the operating agreement 6. The manager may or may not also be responsible for the operations of the LLC, though in larger LLCs, those roles are typically spread out between several individuals. In what are member-managed LLCs, each of the members is authorized to act as a manager, binding the LLC. So be careful about how you file your LLC, as you may not want every member eligible to sign contracts, and if you do, then the bank or the landlord will be looking for everyone's signatures.
Excerpt: The term "manager" has a specific meaning with respect to an LLC. The manager in an LLC is somewhat akin to the director in a corporation. The confusing part is that it can also be akin to the CEO or other officers of a corporation as well. Typically, the manager, well, manages the affairs of the LLC. The manager is authorized to bind the LLC, subject to restrictions that they may be bound to by law or in the operating agreement. The manager may or may not also be responsible for the operations of the LLC, though in larger LLCs, those roles are typically spread out between several individuals. In what are member-managed LLCs, each of the members may act as a manager, binding the LLC. So be careful about how you file your LLC, as you may not want every member eligible to sign contracts, and if you do, then the bank or the landlord will be looking for everyone's signatures.
Links:
  1. https://www.readysetincorporate.com/faq-items/what -is-an-llc/
  2. https://www.readysetincorporate.com/faq-items/what -are-directors/
  3. https://www.readysetincorporate.com/faq-items/what -is-a-corporation/
  4. https://www.readysetincorporate.com/faq-items/what -does-a-ceo-do/
  5. https://www.readysetincorporate.com/faq-items/what -are-officers/
  6. https://www.readysetincorporate.com/faq-items/what -is-an-operating-agreement/
Post date: 2015-08-11 11:33:34
Post date GMT: 2015-08-11 18:33:34

Post modified date: 2019-11-05 16:50:49
Post modified date GMT: 2019-11-06 00:50:49

Export date: Fri Apr 19 6:07:17 2024 / +0000 GMT
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