Subject to statutory or contractual restrictions, the members of an LLC govern its daily operation. In the alternative, members can elect annually in a manner provided for by the LLC's regulations, non-member managers. Members can create officer positions with specific duties as well. An LLC can own real or personal property. Authority to bind LLC flows from the Articles of Organization.
Regulations dictate the relationship between members.
An LLC is not required to issue a certificate of ownership. A member's interest is personal property. New Members are admitted by unanimous written consent. Without such consent, transferee has no right to participate in management. This result has asset protection qualities similar to a limited partner.