Legal Question in Business Law in Washington
Can an LLC corporation have a Board of Directors? And if so, do they have management oversite or can they be set up as an advisory board with limited rights.
2 Answers from Attorneys
LLCs and Corporations are different business entities, but I think your question is: Can an LLC have a board of directors? The answer is generally yes because an LLC can have whatever formalities it elects to have. If it wants an advisory Board then it can do so as far as I am aware (and you'll want to get a more thorough attorney review - I'm just speaking in generalities in a field I have limited experience in - so don't go following what I have to say without consulting other sources).
Sorry for the very limited response I just wanted to ensure something was there.
LLC's are either "member-managed" or "manager-managed". There is no "default" management "template" like corporations have (board of directors, president, vice president,etc.). You have to start with an operating agreement that defines the duties, rights and powers of the members, manager(s) or combination of these positions.
Without an operating agreement (there are no universal forms for this agreement) you are running in anarchy.
LLC's were thought by the legislature to be sophisticated business entities that were designed to offer almost infinite customization. You would be wise to do a lot of homework or contact a lawyer with a substantial amount of business law experience in setting up an LLC.
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