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LSDefine

Simple English definitions for legal terms

member

Read a random definition: unity of seisin

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.

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THATS SO FUNNY
i cant i would go crazy
JumpySubsequentDolphin
20:50
i need to know who decided to do that.
JumpySubsequentDolphin
20:50
omg im on a plane weeeee
the devil
youre on a plane??? LSD made the mile high club??
20:50
yo splitterus are you in school already
20:50
it says ur c/o 2027
JumpySubsequentDolphin
20:51
@SplitterusClitterus: HAHAH yes
ur user is hilarioussss and no i just graduated this may and am now applying ---also im out of messages so ill take a lil
20:52
roger dat. see u in heck
im back, r u applying this cycle too
JumpySubsequentDolphin
21:32
this child fell asleep on me
JumpySubsequentDolphin
21:32
im so uncomfortable
just push him off the entire seat
JumpySubsequentDolphin
21:34
LMAOOOO
JumpySubsequentDolphin
21:35
no he’s literally like 8 and he fully just put his head on my bicep and slept
JumpySubsequentDolphin
21:35
he has since moved
22:12
@SplitterusClitterus: me yesterday
gulc baby pls text me back... i miss you ...... :(
22:23
i just went into a discord vc and yelled "YALL I JUST GOT INTO J.M. SCHOOL OF LAW"
22:24
people were getting excited :sob:
22:25
then someone was like "what does jm stand for" and i was like .. well
AHHAHAHAHAHAHHAHAHAHAHAHAH
@JumpySubsequentDolphin: wait this is so cute, also where r u going
JOE MBIDEN
JumpySubsequentDolphin
22:39
@splitty Oregon!
oh yay for what thats so random
JumpySubsequentDolphin
22:45
haha my brother and sister in law live there
so cutie oregon is beatiful
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