Legal Question in Business Law in New York
LLC member titles
I recently filed articles of organization to form two separate LLC's in New York State. The purpose for organization is to run two rental properties. What titles should I assign to the members ( two members, husband and wife-ego not an issue!). One property is 50/50 and the other is 99/1 %. member-manged. Thanks!
2 Answers from Attorneys
Re: LLC member titles
LLCs can have presidents, vice-presidents, secretaries and treasurers, as well as boards of directors, just like corporations can. "Member" is the term assigned to what would be a shareholder in a corporation.
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Re: LLC member titles
Both individuals should be managers.
Mike.
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