Limited Liability Company (LLC)
A California LLC generally offers liability protection similar to that of a corporation but is taxed differently. Domestic LLCs may be managed by one or more managers or one or more members. In addition to filing the applicable documents with the Secretary of State, an operating agreement among the members as to the affairs of the LLC and the conduct of its business is required. The LLC does not file the operating agreement with the Secretary of State but maintains it at the office where the LLC’s records are kept.
MANAGEMENT: Management of an LLC's business and affairs is vested in all its members unless the articles of organization provide otherwise.
VOTING: Unless otherwise provided, voting interests ordinarily correspond to a member's respective interest in profits: Each member has the right to vote in proportion to such member's interest in the current profits of the LLC. Except for certain fundamental LLC matters, the vote of a majority in interest suffices.