HopefullyInLawSchool
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LSDefine
Simple English definitions for legal terms
member
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A quick definition of member:
A member is someone who owns a part of a company called a limited liability company (LLC). They have some control over the company, but they are not responsible for any debts or problems the company might have. Members can help run the company or just give money or property to become a member. When someone joins or leaves the company, it doesn't mean the company will stop existing.
A more thorough explanation:
A member is a person who has ownership in a limited liability company (LLC). This means they have a share in the company's profits and losses, but their liability is limited to the amount of their investment. Members have a say in how the company is run, but they are not personally responsible for any debts or legal issues the company may face.
For example, if John invests $10,000 in an LLC and becomes a member, he will receive a portion of the company's profits and losses. However, if the company is sued and owes $50,000, John's personal assets are not at risk beyond his initial investment.
Members can contribute to the company in different ways, such as providing professional services, cash, or property. They can also manage the company themselves or hire a professional team to do so. When a member joins or leaves the LLC, it does not affect the company's existence.
Within an organization, a member can also refer to any person who has rights and responsibilities. For example, a member of a sports team has the right to play in games and the responsibility to attend practices and follow team rules.