Glossary Terms

A | B | C | D | E | F | G | H | I | L | M | N | O | P | Q | R | S | T | U | V
Manager

An individual or entity chosen by the Members of an LLC to manage the daily operations of the LLC. A Manager can be, but does not have to be, a Member.

Managing Company

A separate company from the Operating Company that manages the assets of the Operating Company in return for a management fee.

Managing Member

A Member of an LLC that also serves as a Manager of the daily operations.

Member

An owner of an LLC; can be an individual or an entity.

Membership Certificate

Evidence of ownership or Membership Interest in an LLC provided to its Members.

Membership Interest

Ownership in an LLC

Merger

The act of joining two seperate, existing companies into one, surviving company that will conduct business into the future. The non-surviving company disappears. An LLC may merge with another LLC or with a corporation.

Minutes

A record of the actions taken during a meeting of its members, normally maintained in the Corporate Record Book.

 

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