LCs are either manager-managed or member-managed.<\/p>\n
Manager-managed LLCs have at least one manager listed in the records of the Commission, and at least one member who must be listed if the member owns 20% or more of the LLC. In general, in a manager-managed LLC that has no operating agreement, each manager has authority to act for the LLC and most day-to-day decisions are made by a majority vote of the managers, with each manager having one vote. See A.R.S. \u00a7 29-681. Manager-managed LLCs are very similar to corporations in the way day-to-day decisions are made. For example, the managers are like the board of directors of a corporation, and the members are like shareholders.<\/p>\n
Caution \u2013 if there are two managers and no operating agreement that provides otherwise, both managers will always have to agree on every action or decision, because there will never be a majority.<\/p>\n
Member-managed LLCs have at least one member and do not have any managers listed in the records of the Commission. In general, in a member-managed LLC that has no operating agreement, each member has authority to act for the LLC and each member has one vote per member. Member-managed LLCs with no operating agreement are very similar to partnerships in the way decisions are made, with most day-to-day decisions being made by a majority vote of the members. See A.R.S. \u00a7 29-681.<\/p>\n
Caution \u2013 in a two-member LLC with no operating agreement that provides otherwise, both members will always have to agree on every action or decision, because there will never be a majority.<\/p>\n","protected":false},"excerpt":{"rendered":"
LCs are either manager-managed or member-managed. Manager-managed LLCs have at least one manager listed in the records of the Commission, and at least one member who must be listed if the member owns 20% or more of the LLC. In general, in a manager-managed LLC that has no operating agreement, each manager has authority to act for the LLC and most day-to-day decisions are made by a majority vote of the managers, with each manager having one vote. See A.R.S. \u00a7 29-681. Manager-managed LLCs are very similar to corporations in the way day-to-day decisions are made. For example, the managers are like the board of directors of a corporation, and the members are like shareholders. Caution \u2013 if there are two managers and no operating agreement that provides otherwise, both managers will always have to agree on every action or decision, because there will never be a majority. Member-managed LLCs have at least one member and do not have any managers listed in the records of the Commission. In general, in a member-managed LLC that has no operating agreement, each member has authority to act for the LLC and each member has one vote per member. Member-managed LLCs with no operating agreement are very similar to partnerships in the way decisions are made, with most day-to-day decisions being made by a majority vote of the members. See A.R.S. \u00a7 29-681. Caution \u2013 in a two-member LLC with no operating agreement that provides otherwise, both members will always have to agree on every action or decision, because there will never be a majority.<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"om_disable_all_campaigns":false,"footnotes":""},"class_list":["post-8927","page","type-page","status-publish","hentry"],"yoast_head":"\n