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LLCs Are Structured Differently From Corporations And Have No Directors, Officers Or Shareholders. Instead, LLCs Have Members And Managers.
The formation of an LLC is different than that of a corporation.
With a LLC, Articles of Organization are filed with the state rather than Articles of Incorporation.
Also, instead of bylaws, LLCs generally utilize an operating or management agreement to set forth the details on how the organization is to be managed.
Do LLCs have directors, officers and shareholders?
A member is similar to a shareholder in a corporation in that the member owns an interest in the LLC.
Managers are the people or entities that manage the operation of the organization.
Managers are not always required in an LLC. If the LLC does not use managers, the members act as partners in managing the organization and making decisions.
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