The detail
What it means in practice.
LLC owners are called members. A member-managed LLC is run by its members; a manager-managed LLC appoints one or more managers, who don't have to be members. The operating agreement records which, and it affects who can sign for the company and what a bank asks for. In Delaware, members of a member-managed LLC can bind it by default, while in Wyoming being a member doesn't make you the company's agent on its own.
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