An LLC has 3 main management bodies :
- The Partners' Assembly : this consists of all the company's partners. Their role is fundamental: election of the audit body, approval of the accounts, and decisions related to the use of profits and thus the annual dividend.
- The Management Body : this is often the managers and directors of the company. They participate in the daily management of the company. They are generally elected by the LLC's partners.
- The Audit Body : it is not mandatory for companies with fewer than 10 people (unless desired by one of the partners). The audit body audits the accounts and submits an audit report to the partners' assembly annually.
It is important for every entrepreneur to know these bodies to ensure the proper management of his company.