Examples of Member of a limited liability company in a sentence
The term Managing General Partner can also be used for a Managing Member of a limited liability company where so designated to bind the limited liability company and its members under its Agreement or any other person that has such powers in fact, regardless of their organizational title.
Moreover, although as a Member of a limited liability company your financial risk will generally be limited to your invested capital, certain laws intended to protect creditors could require you to return some or all of a distribution if, at the time the distribution was made to you, the Company’s liabilities exceeded the value of its assets or it was otherwise insolvent.
Control means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of any person or Affiliate thereof, whether through the ownership of voting securities, by contract or otherwise, including specifically, ownership of more than 50% of the General Partner interest in a limited partnership, or designation as General Partner/Managing Member of a limited liability company.
Authorized Agent may include an Officer of a corporation, a General Partner of a partnership, a Managing Member of a limited liability company, or any other individual who has been granted such authority in writing executed by an individual having authority to bind the entity.
Member of a limited liability company may withdraw from the company, on legitimate reasons and with consent of other company members.
Control means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of any person or Affiliate thereof, whether through the ownership of voting securities, by contract or otherwise, including specifically, ownership of more than 50% of the General Partner interest in a limited partnership, or designation as General Partner/ Managing Member of a limited liability company.
Under the Act, a Member of a limited liability company may, under certain circumstances, be required to return amounts previously distributed to such Member.
In accordance with the Law, a Member of a limited liability company may, under certain circumstances, be required to return to the limited liability company, for the benefit of creditors, amounts previously distributed to that Member as a return of capital.
You can claim the credit if you are a: • Corporation,• Sole proprietor,• Partner in a partnership,• Member of a limited liability company (LLC),• Shareholder of a tax-option (S) corporation, or• Beneficiary of a trust or estate.
As a Member of a limited liability company, a Member will not generally be liable for obligations of the Company in excess of the Member's capital contributions, required capital calls, the portion of Company obligation that the Member has personally guaranteed, and Member's share of undistributed profits of the Company.