What is the terminology of an LLC?
Most LLC statutes use the following terminology: Members are the owners of an interest in an LLC. The responsibility to run the LLC is given to one or more managers, who may or may not also be members. Articles of Organization are filed with the Secretary of State for form the LLC. The Operating Agreement provides the details about the internal operations of the company and the relationship of the members. The unit of ownership is referred to as an interest.
