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What does LLC managed by managers mean?

In a manager-managed LLC, the owners elect a manager or managers to handle day-to-day business decisions. Members still retain authority over some things, such as dissolving the company.

What is a management operating agreement?

An operating agreement is a key document used by LLCs because it outlines the business financial and functional decisions including rules, regulations and provisions. The purpose of the document is to govern the internal operations of the business in a way that suits the specific needs of the business owners.

Does Indiana require an operating agreement for LLC?

Although not required by law, an LLC should operate under an Operating Agreement which is like a Partnership Agreement.

What is in a management agreement?

A management agreement is a contract between parties (the owner and the management company), which typically spells out the expected services, a list of responsibilities, the administration, and management of services provided, and the compensation for these services.

What is a manager-managed LLC operating agreement?

A manager-managed LLC is a limited liability company in which one or more managers run the day-to-day operations of the business while the members take a more passive role. A manager can be a member of the LLC or someone hired from outside the business.

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