HOW ARE LIMITED LIABILITY COMPANIES MANAGED?

By John Kiritsis, Esq., CPA, MBA, MS, JD, LL.M

Kiritsis Law Group

212 922 0005

Limited liability companies (LLCs) can be managed in a variety of ways, depending on the specific needs and goals of the business and its members. Here are the most common methods of management for LLCs:

 

Member-managed: In a member-managed LLC, all members have an equal say in the management and decision-making of the business. All members are involved in the day-to-day operations of the company.

 

Manager-managed: In a manager-managed LLC, one or more members are designated as managers who are responsible for the day-to-day management and decision-making of the business. The remaining members are passive investors who do not participate in the management of the business.

 

Hybrid: In a hybrid LLC, some members are designated as managers while others have an equal say in the management of the business. This type of management structure provides a balance between member control and professional management.

 

The management structure of an LLC is outlined in its operating agreement, which is a legal document that outlines the rights, duties, and responsibilities of the members and the managers of the business. The operating agreement can be tailored to the specific needs of the business and its members, providing flexibility in how the LLC is managed.

 

It's important to note that the specific laws and regulations governing LLC management may vary depending on the state in which the business is located. Consulting with a business attorney or accountant is recommended to determine the most appropriate management structure for your LLC.

 

Sources:

New York Business Corporation Law

New York Limited Liability Company

New York General Obligations Law

NYS Office of Professions

U.S. Constitution

 

Whether you are a new business startup or a well-established company, our law firm can help you with all of your business law legal needs. For a free consultation, you can call us at 212 922 0005.

 

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