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Q.How is an LLC organized?
A.An LLC is owned by its members. The members are analogous to a partners in a partnership and shareholders in a corporation (in a manager-managed LLC). The member's ownership of an LLC is represented by their "interests," just as partners have their "interest" in a partnership and shareholders have shares of stock in a corporation.
One of the true benefits of the LLC is the ability (in most states) to structure the LLC however its members desire, even with unconventional profit sharing and voting interests. In the majority of states members may also apportion duties amongst themselves as they see fit, and may even appoint one of their members president, or vice president, or secretary, or treasurer, with the appointed member to have the duties normally associated with such title or titles.
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