Ownership in an LLC is set forth in the LLC Operating Agreement and may be designated in percentages of membership interests or in number of LLC units. Depending on how the members chose to structure the LLC, these interests may be segregated in different classes (e.g., voting vs. non-voting). LLCs may choose to represent membership interests by issuing membership certificates, although this is rare. For LLCs that do not choose to issue shares certificates, the LLC’s Operating Agreement designates the various membership interests. Even if certificated, the rights and names of the members are based on the Operating Agreement, the governing contract between the LLC Members.
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