By: Martin M. Shenkman, CPA, MBA, JD
A Member of an LLC is an owner of part (or in some states, all) of the LLC. A Member in an LLC is analogous to a shareholder in a corporation or a partner in a partnership. Some key characteristics and rights of a Member may be set forth in the LLC's Certificate of Formation. An Operating Agreement should be drafted which provides details as to a Member's rights, liability, etc.
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