Member of an LLC Law and Legal Definition
A member of an LLC is the owner of the LLC. They are equivalent to partners in a partnership. An LLC can be made up of as many members as the company wishes to have. An LLC can have a single member or multiple members. The members determine how much each member will share in the duties of the business and in the profits and losses of the business. The rights and responsibilities of members are spelled out in the operating agreement of the LLC. The members cannot be found personally liable for the company debts unless they have personally guaranteed loans or other debts. Their assets are separate from the assets of the LLC so they cannot be seized.
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