What is a Limited Liability Company’s organizational structure?
A Limited Liability Company is owned by its members. The business organization may resemble either a partnership or a corporation depending on who exercises managerial responsibility. A Limited Liability Company resembles a partnership if managers are not used. In this case members have a direct say in managing and day to day activities of the company. A Limited Liability Company would resemble a corporation if its members choose to use managers to administer to the day to day activities of the company because the members will not typically participate in the day to day management. If you would like more information regarding asset protection, trusts, family limited partnerships or the subject of this article please call or email our office.
