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  3. Law (general)

Member-Managed Company

Spanish translation: empresa dirigida por los socios

16:24 Feb 21, 2005
English to Spanish translations [PRO]
Law/Patents - Law (general)
English term or phrase: Member-Managed Company
Hola, ¿alguien conoce esta figura societaria? Es para un cliente argentino.

Gracias miles.

Au

The Limited Liability Company is to be managed by one or more members and is, therefore, a Member-Managed Company
Aurora Humarán (X)
Argentina
Local time: 17:50
Spanish translation:empresa dirigida por los socios
Explanation:
Cf. http://www.utahbarjournal.com/html/june-july_2001_4.html

. Manager-managed vs. Member-managed. The Revised Act continues the distinction included in the Old Act between a member-managed LLC and a manager-managed LLC. Yet, the Revised Act highlights that distinction since many other rules in the Revised Act pivot one way or the other depending on which structure is used. Under the Revised Act, an LLC must elect to be either member-managed or manager-managed and designate such election in its Articles of Organization. The principal effect of this distinction is to clarify who has apparent authority to bind the LLC in dealing with third parties and to give constructive notice of such authority.

The Revised Act also provides that a manager-managed LLC is converted to a member-managed LLC upon the death, withdrawal or removal of the sole remaining manager (and other events) where another manager is not appointed by the members within 90 days.

Selected response from:

Marian Greenfield
Local time: 16:50
Grading comment
That easy! Gracias, Marian
4 KudoZ points were awarded for this answer



Summary of answers provided
4 +2empresa dirigida por los socios
Marian Greenfield


  

Answers


8 mins   confidence: Answerer confidence 4/5Answerer confidence 4/5 peer agreement (net): +2
member-managed company
empresa dirigida por los socios


Explanation:
Cf. http://www.utahbarjournal.com/html/june-july_2001_4.html

. Manager-managed vs. Member-managed. The Revised Act continues the distinction included in the Old Act between a member-managed LLC and a manager-managed LLC. Yet, the Revised Act highlights that distinction since many other rules in the Revised Act pivot one way or the other depending on which structure is used. Under the Revised Act, an LLC must elect to be either member-managed or manager-managed and designate such election in its Articles of Organization. The principal effect of this distinction is to clarify who has apparent authority to bind the LLC in dealing with third parties and to give constructive notice of such authority.

The Revised Act also provides that a manager-managed LLC is converted to a member-managed LLC upon the death, withdrawal or removal of the sole remaining manager (and other events) where another manager is not appointed by the members within 90 days.



Marian Greenfield
Local time: 16:50
Specializes in field
Native speaker of: Native in EnglishEnglish
PRO pts in category: 250
Grading comment
That easy! Gracias, Marian

Peer comments on this answer (and responses from the answerer)
agree  Egmont
47 mins
agree  Alicia Casal: si.
48 mins
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